Cardano (ADA) Price Dip Encourages Buying Strategy, Analyst Targets $4–$6 Profit Range

A prominent crypto analyst has suggested buying Cardano (ADA) during dips, even as its price approaches $0.76. Profit targets between $4 and $6 have been identified, reinforcing a long-term bullish outlook despite recent declines.

ADA’s Recent Market Performance

The cryptocurrency market’s recent downturn, driven by Bitcoin’s decline, has negatively affected Cardano. ADA’s price dropped by 14.60% in the last 24 hours and 22.47% over the past week, falling to $1.01. The data, provided by CoinMarketCap, reflects the broader altcoin market’s vulnerability to Bitcoin-led corrections.

Analyst Plans to Accumulate ADA Despite Price Drops

Ali Martinez, a well-known crypto chartist, remains optimistic about ADA despite its recent dip. He has expressed his intention to buy more ADA, even if the price falls as low as $0.76. Martinez’s confidence is rooted in ADA’s price movements, which are showing similarities to its behavior during the 2020–2021 bull market.

In 2020, ADA experienced a 56.2% decline during the COVID-19 market crash. Following this, a recovery of 4,095% was observed, with the token reaching over $3 in 2021.

Mirroring Historical Patterns

Martinez highlighted ADA’s current performance as reminiscent of its earlier trajectory. According to his analysis, a consolidation phase similar to the one seen in 2020–2021 is underway. Smaller price rallies have also been noted, potentially foreshadowing another significant surge.

The chart accompanying Martinez’s analysis indicates a 75% rally could follow this extended consolidation phase, aligning with historical trends.

Profit Targets at $4–$6 Identified

With the historical pattern in mind, Martinez plans to accumulate ADA in preparation for a rebound. His profit-taking targets are set between $4 and $6. Reaching $4 would represent a 296.03% increase from ADA’s current price, while $6 would mark a 494.05% surge.

The timeline for these milestones has been estimated to be on or before July 14, 2025, based on Martinez’s chart analysis.

Previous ADA Predictions

Martinez’s bullish outlook is consistent with his earlier predictions. In November, he forecasted that ADA could reach $6.6 by September 2025. Additionally, his $4 target aligns with a similar prediction made by crypto YouTuber Max Maher, who projected a price of $4.29 during the ongoing bull run.

Cardano’s Support and Demand Levels

The recent market downturn caused ADA to fall below a critical support level of $1.20. At this level, 93,000 wallets had previously accumulated 2.54 billion ADA tokens. As of now, ADA is trading around $1.01, which represents another significant support area. Here, 41,720 addresses hold 1.03 billion tokens, highlighting strong demand at this price point.

Despite the recent price declines, Cardano continues to show potential for substantial long-term growth. Historical performance, coupled with strong support levels and analyst confidence, reinforces a bullish outlook. Investors may consider monitoring ADA’s price movements closely to identify opportunities for accumulation.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.