Like a lot of the cryptocurrency market, Cardano has proven constructive value efficiency over the previous week. Whereas the ADA token has largely struggled to copy December’s development in January, the development seems to be handing over favor of the altcoin.
Actually, a well-liked cryptocurrency analyst has weighed in on Cardano’s latest value motion, providing a bullish prediction for the cryptocurrency’s worth.
Will value historical past repeat itself?
In a latest article on X Platform, fashionable cryptocurrency analyst Ali Martinez shared a particularly optimistic outlook for Cardano value. This ADA value evaluation revolves across the coin’s value sample over the past bull cycle.
In his submit, Martinez stated that if historical past repeats itself, Cardano might replicate its value motion by the top of 2020. Based mostly on this evaluation, cryptocurrency consultants anticipate ADA to stay in a consolidation vary till early 2020. Season 2 in 2024.
If the patterns are aligned and #cardano Reflecting the value motion we will anticipate on the finish of 2020 $ADA Till April 2024, it’s nonetheless within the consolidation section, laying the muse for the subsequent bull rally! pic.twitter.com/xEKu1LQRRo
— Ali (@ali_charts) February 3, 2024
Nevertheless, Ali Martinez believes that the present consolidation section will solely function a catalyst for Cardano’s subsequent bullish run. The altcoin skilled the same lull in November 2020 earlier than its value surged above $3, its present all-time excessive.
A weekly chart displaying ADA mirroring its value motion in late 2020 | Supply: Ali_charts/X
Based on the chart above, ADA value might hit an all-time excessive after a consolidation interval in April 2024. Martinez set a value goal of practically $8 for the cryptocurrency, representing roughly a 1,400% upside from present costs.
Curiously, the cryptocurrency analyst expects this thrilling bullish prediction for Cardano value to be totally realized by early 2025.
Cardano Worth Overview
On the time of writing, the Cardano token is value 0.5096, reflecting an almost 2% value drop over the previous day. Whereas the altcoin’s value appears to be slowing down, it has managed to retain most of its earnings from the previous week.
Based on information from CoinGecko, the value of ADA has elevated by greater than 5% up to now seven days. From a broader perspective, although, the coin has been struggling because the begin of the yr, with the value down 16% year-to-date.
Nevertheless, with a market capitalization of roughly $18 billion, Cardano has been capable of keep its place as one of many prime ten belongings within the cryptocurrency house.
The Cardano value slows down on the every day timeframe | Supply: ADAUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
