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TheCryptoBasic

03/05/2024

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A Parabolic Run Can Take Cardano to $10: Top Analyst

Seasoned trader Ali Martinez sees Cardano (ADA) facing a slight correction following its retest of $0.80, but the analyst expects a recovery toward $10 if history repeats itself. Cardano has been silently...

A Parabolic Run Can Take Cardano to $10: Top Analyst

Seasoned trader Ali Martinez sees Cardano (ADA) facing a slight correction following its retest of $0.80, but the analyst expects a recovery toward $10 if history repeats itself.

Cardano has been silently recording a gradual but steady uptick amid the latest market run dominated by meme coins. However, while Bitcoin (BTC) is only 2.83% away from reclaiming its all-time high, ADA still requires a 304% surge to recover its ATH of $3.10.

This reality has been a source of concern for Cardano investors, who have bemoaned the crypto asset’s seemingly sluggish growth since the start of the bull run phase. These concerns prevail despite ADA recording an impressive 23% rise over the past seven days.

Cardano leveraged the latest market push to retest the $0.80 high, facing resistance at $0.7986 yesterday before witnessing a mild drop. Amid this battle with the bears, Ali Martinez recently stressed that ADA is currently following a similar path to the previous market cycle.

Imminent Mild Correction for Cardano

The analyst identified a particular pattern ADA followed in an accompanying chart before recording the 2021 bull surge. Notably, Cardano first witnessed a consolidation phase from September 2018 to July 2020, marked by accumulation.

#Cardano seems to be mirroring its previous bullish cycle. If this pattern continues, we could witness a brief correction before $ADA goes parabolic toward $10! pic.twitter.com/6kDxDhxsEg

— Ali (@ali_charts) March 4, 2024

After breaking out of this consolidation in July 2020, ADA pumped to a high of $0.149 before facing a mild correction that brought it back to the lower spectrum of $0.10 in November 2020. Following the correction, Cardano engineered a massive rally, surging 3,217% to its ATH above $3 in August 2021.

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Martinez’s chart suggests that ADA is following this same pattern. Interestingly, after collapsing from the ATH, ADA found itself in a similar consolidation phase from September 2022 to November 2023. ADA broke out when it staged a rally last December amid the market-wide upsurge.

This rally has continued until now, with ADA recently retesting the pre-Terra high of $0.80. However, like in the previous market cycle, Martinez sees Cardano witnessing a mild correction before eventually skyrocketing to $10.

ADA to $10: How Feasible?

The analyst sets a target surge of 2,084% from ADA’s low of $0.448 in January 2024, which could propel the token’s price to the $9.7 territory, bordering on the pivotal $10 threshold. Meanwhile, as ADA changes hands at $0.766, its RSI currently sits at 68, moving toward overbought regions. 

Cardano ADA Weekly RSI
Cardano Weekly RSI

The last two times ADA’s weekly RSI gained momentum to breach the 70 mark, the token faced a correction. Cardano witnessed this pattern in August 2021 following the ATH and then recently recorded it last December, as it collapsed from a $0.647 high to the $0.448 low in January.

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Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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