Cardano Could Experience 1,300% Surge to $7: Analyst

On Jan. 19, cryptocurrency expert Ali Martinez introduced a fresh perspective on Cardano (ADA), indicating the possibility of a notable surge in the cryptocurrency’s value shortly. 

Martinez’s recent analysis suggests a potential similarity between Cardano’s ongoing consolidation phase and its behavior in late 2020.

Cardano Upcoming Surge

Based on historical trends, Martinez speculates that ADA might resume its upward movement around April if history repeats itself. According to the analysis, continuing the observed pattern could lead to a significant surge in Cardano’s value, initially reaching $0.80, undergoing a brief correction to $0.60, and eventually hitting an impressive $7.

#Cardano's current consolidation phase mirrors its late 2020 behavior. If history repeats itself, we might see $ADA resuming its upward trend around April. This pattern continuation could potentially lead to an upswing toward $0.80, a brief correction to $0.60, then $7! pic.twitter.com/RuRA2EDMNP

— Ali (@ali_charts) January 19, 2024

Martinez supports his Cardano price prediction by referencing a price chart attached to his post, highlighting similarities between the current ADA price action and the 2020 crypto market crash. 

ADA experienced a prolonged downward consolidation during the mentioned period, followed by an almost 3,000% surge, ultimately reaching an all-time high of $3.06 in 2021.

The analyst also points out a partial confirmation of this accumulation pattern based on a similar time frame of around 670 days, both in the past and present.

While it is crucial to recognize that these projections are speculative in the volatile cryptocurrency market, the potential scenario outlined by Martinez for Cardano cannot be disregarded. If the analysis holds, ADA enthusiasts may witness a significant surge of 1,300%. Such a lofty price target may seem unrealistic, but cryptocurrency valuations have no known ‘upper limit’.

Currently, the current value of ADA stands at $0.498600, reflecting a decrease of 2.90% in the past 24 hours, according to CoinMarketCap data.