Cardano, like the majority of the cryptocurrency market, put up a positive price performance over the past week. While the ADA token largely struggled to replicate its December run in January, the tides seem to be turning in favor of the altcoin at the moment.
In fact, a popular crypto analyst has weighed in on Cardano’s recent price action, putting forward a bullish projection for the cryptocurrency’s value.
Is Price History About To Repeat Itself?
In a recent post on the X platform, popular crypto analyst Ali Martinez shared an incredibly bullish outlook for the Cardano price. This ADA price analysis revolves around the token’s price pattern in the last bull’s cycle.
Martinez said in his post that if history were to repeat itself, Cardano could replicate its price action in late 2020. Going by this analysis, the crypto pundit expects ADA to remain in a consolidation range till the start of Q2 2024.
Should the patterns align and #Cardano mirrors its late 2020 price behavior, we can anticipate $ADA to remain in a consolidation phase until April 2024, setting the stage for its next bull rally! pic.twitter.com/xEKu1LQRRo
— Ali (@ali_charts) February 3, 2024
Ali Martinez, however, postulated that the current consolidation phase would only be a catalyst for Cardano’s next bull run. The altcoin experienced a similar period of quiescence in November 2020 before its price surged to above $3, its current all-time high.
A weekly chart showing ADA mirroring its price action in late 2020 | Source: Ali_charts/X
According to the chart above, the ADA price might be able to forge a new all-time high after the consolidation period in April 2024. Martinez set a price target of nearly $8 for the cryptocurrency, representing a roughly 1,400% rally from the current price point.
Interestingly, the crypto analyst anticipates this exciting bullish projection for the Cardano price to fully materialize by early 2025.
Cardano Price Overview
As of this writing, the Cardano token is valued at 0.5096, reflecting an almost 2% price decline in the past day. While the altcoin’s price appears to be slowing down, it has managed to retain most of its profit from the past week.
According to data from CoinGecko, ADA’s price is up by more than 5% in the last seven days. From a broader perspective, though, the coin has been somewhat struggling since the turn of the year, with a 16% price slump so far this year.
However, with a market capitalization of around $18 billion, Cardano has been able to hold its position as one of the 10 largest assets in the cryptocurrency sector.
The Cardano price slows down on the daily timeframe | Source: ADAUSDT chart on TradingView
Featured image from iStock, chart from TradingView