Popular crypto chartist Ali Martinez plans to buy more Cardano (ADA) even when the price dips further, setting new targets for his profit-taking plans.
Cardano had its fair share of the recent Bitcoin-led drawdown, which wreaked havoc on the broader altcoin market. Data from CoinMarketCap show that the price of ADA plunged by 14.60% in the past 24 hours and 22.47% in the last week to $1.01.
Martinez Unfazed by Latest Dip, Promise to Accumulate More ADA
Cardano ADA news today: Despite the massive collapse, Martinez revealed that he would continue to accumulate ADA even if the asset plunged to $0.76. His confidence stems from ADA’s current behavior, which mirrors its performance in the 2020/2021 bull market.
According to the accompanying chart, ADA incurred a 56.2% dip during the COVID-19 market crash in 2020. However, it surged by 4,095% from the bottom price at the time to over $3 in 2021.
According to the chart, a consolidation phase preceded the 4,095% increase, and other smaller price rallies occurred along the way.
The chart indicates that ADA’s current performance mirrors its 2020/2021 pattern, which is marked by an extended consolidation phase and a subsequent 75% rally.
Martinez Eye $4 – $6 Upsurge
With Cardano replicating its 2020/2021 performance, Martinez noted that he will continue to accumulate the coin in anticipation of a potential rebound to around $4 to $6. At that point, he plans to make a profit by selling his ADA holdings.
It bears mentioning that hitting the $4 target would mark a new all-time high for ADA. At the current price of $1.01, Cardano must soar by 296.03% to hit the $4 target and 494.05% to reach $6.
Interestingly, the chart suggests that the altcoin could achieve this milestone on or before July 14, 2025, nearly seven months from now.
Previous Forecast for ADA
This is not the first time that Martinez has set a target of $6 for Cardano. In November, Martinez forecasted that ADA could surge to $6.6 by September 2025.
Also, the $4 prediction aligns with a similar forecast issued by popular crypto YouTuber Max Maher for Cardano in August. At the time, the analyst forecasted that the price of ADA would spike to $4.29 this bull run, marking a 10x surge from its initial value of $0.39.
Cardano Demand Levels
Meanwhile, following the recent downturn across the broader crypto market, Cardano plunged below a critical support level at $1.2, where 93,000 wallets accumulated 2.54 billion ADA tokens. Amid the downturn, ADA is currently trading around its next support at $1.01, a critical area where 41,720 addresses acquired 1.03 billion tokens.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
