Analysts Hints at Positive Cardano Price Momentum

Cardano has recently seen a significant price rise, catching the attention of hopefuls, even though the asset’s performance was far from optimal in January.

Analyst Forecasts Cardano Price Surge to $8

Ali Martinez, a well-known crypto analyst, adds to the positive sentiment by predicting that Cardano’s price will continue to rise. Martinez wrote an in-depth post on the X platform about Cardano’s price changes in the past and its comparison with the previous bullish cycle.

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

Martinez’s research shows that Cardano’s price could move like it did in late 2020 if history repeats itself. He thinks the ADA token might go through a consolidation phase until the start of Q2 2024. Martinez said that periods of consolidation like the one in November 2020 have historically happened before Cardano’s next bull runs.

The analyst believes that Cardano is about to have another surge, similar to the one that caused its price to reach an all-time high above $3. This time, he thinks that a period of consolidation will allow Cardano to reach a new all-time high, with $8 as the goal. That seems incredibly optimistic and probably impossible, all things considered.

The analyst thinks that Cardano’s price will fluctuate wildly, and the chart above shows that this upward trend will end in April 2024. If things happen the way experts think they will, buyers could see a 1,400% rise from where the price is now. Again, that is unlikely to materialize unless the major currencies – Bitcoin and Ethereum – yield similar increases.