Market veteran Ali Martinez believes Cardano price is on track to double its all-time high this cycle as ADA follows the 2021 trajectory.
The analyst disclosed this amid Cardano’s (ADA) impressive rebound above $1 in the new year. Cardano, which began the year at $0.8450, has so far witnessed two consecutive bullish days, with the latest 10.36% gain this morning allowing it to cross $1 for the first time in over two weeks.
Amid this recovery push, Ali Martinez disclosed in a recent analysis that Cardano is now following a path similar to its trajectory in the 2020/2021 market cycle. He shared a 4-day ADA chart to corroborate this claim.
ADA’s Historical Data
Data from the chart indicates that Cardano experienced a price crash from a top of $0.3885 in April 2018, entering a major downtrend and consolidation channel from November of that year. This bearish consolidation persisted for 670 days, further exacerbated by the COVID-19 crash to $0.0177 in March 2020.
However, ADA eventually broke out from the channel in May 2020 and then slipped into an uptrend from November 2020 that lasted until August 2021, culminating in the $3.1 all-time high. During the period of this uptrend, Cardano spiked 4,095%.
Nonetheless, following the Terra and FTX implosions in 2022, Cardano collapsed with the rest of the market. The asset entered into another extensive bearish consolidation channel for 457 days, until its breakout from the channel during the start of the ongoing bull run in Q4 2023.
Cardano Enters Similar Uptrend
Despite this, Cardano did not enter into this cycle’s uptrend until early November, after the Donald Trump victory in the U.S. presidential election. ADA is now up 217% since it started the uptrend, but Martinez believes the rally is just beginning.
Just in 2020/2021, the analyst expects Cardano to sustain this upsurge for an extended period, setting a target of $4 over the next few weeks. However, data from his chart shows that he sees further upside to the $6.4 level as the ultimate target, culminating in a 2,210% increase from recent lows.
At press time, Cardano now trades for $1.06, having increased by over 10% today alone. With an 11.13% spike in the last 24 hours, ADA is now the second-largest gainer among the top 100 assets in the past 24 hours. The asset aims to solidify its hold above $1, potentially leveraging it for further upsurge.
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