Recent analysis suggests Cardano could post a similar price action as Binance Coin (BNB) if the Binance-affiliated token is front-running the altcoin market.
BNB has emerged as a top gainer in the crypto market over the past few days. While other high-caliber assets looked choppy, the fourth-largest cryptocurrency by market cap has posted substantial price upticks.
For context, BNB recently reclaimed $700 after a 12% 24-hour price uptick. The coin has surged further to trade at $708, extending its weekly gains to 22.2%.
Meanwhile, recent analysis suggests that BNB could be front-running the crypto market. If this proves true, major altcoins, including Cardano, may mirror the asset’s meteoric rise.
Cardano to Mirror BNB’s Over 20% Surge?
Prominent market analyst Ali Martinez recently speculated that BNB may be front-running the altcoin market. He insinuated that the high-ranking altcoin might be leading this cycle’s highly anticipated altcoin season.
Martinez particularly mentioned Cardano as the next asset to mirror pacesetter BNB. In an X post, the seasoned analyst suggested that ADA could imminently replicate Binance Coin’s over 20% surge.
Meanwhile, analysis shows a strange correlation between BNB and Cardano. Both coins have closely mirrored their price action since January but decoupled following the famous February 3 price capitulation.
Although BNB showed more strength following the massive correction with a stronger rebound than ADA, their recent price action indicates that Cardano has started to recoup its correlation with the fourth-largest cryptocurrency by market cap.
Cardano followed BNB’s February 9 higher low price action two days later, prompting Martinez’s speculation that ADA could fully mirror its recent price surge.
Moreover, an accompanying chart shows that the price action would push Cardano to over $1. Notably, a surge to reclaim the psychological level from the current price will culminate in a 27.7% rally, similar to BNB’s 22.2% weekly uptick.
More Upsides for Cardano?
Meanwhile, the rally past $1 is only one of Martinez’s Cardano bull posts. Recall that the analyst had earlier speculated higher uptrends for the coin, including an over 1,000% surge to $15.
Yesterday, he reiterated his assertion that ADA will trade at $15, citing cyclical performance this time. In the X post, Martinez noted that Cardano has closely followed its 2020-2021 price action but at a slower pace.
Furthermore, he insisted that the phase where Cardano will experience a parabolic rally is impending if it fully mirrors the previous cycle. Meanwhile, an accompanying chart shows that ADA’s target this cycle is $15, a 1,815% uptick from its current price.
In the meantime, Cardano is consolidating after a recent breakout. The asset trades at $0.7845, up less than 2% in the past 24 hours.
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