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TheCryptoBasic

05/03/2024

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Market Veteran Says Cardano Has Set the Stage for a Parabolic Bull Run to $9.9

Notable crypto analyst Ali Martinez expects Cardano (ADA) to record a parabolic bull run to $9.9 following the latest 50% correction. Cardano has not escaped the recent market bloodbath, having witnessed a...

Market Veteran Says Cardano Has Set the Stage for a Parabolic Bull Run to $9.9

Notable crypto analyst Ali Martinez expects Cardano (ADA) to record a parabolic bull run to $9.9 following the latest 50% correction.

Cardano has not escaped the recent market bloodbath, having witnessed a major correction from this year’s peak above $0.81. ADA hit the $0.8104 high on March 14 as it rode on Bitcoin’s (BTC) uptrend which lasted from last October to the first quarter of the year.

However, Cardano is now down 43% from the $0.8104 high, having broken below multiple support levels to trade at the $0.46 level. Despite the ongoing downward slope, some market analysts remain confident of Cardano’s potential for a major recovery.

One such analyst, Ali Martinez, recently analyzed Cardano’s price movements and suggests that it may be on the cusp of a parabolic bull run, potentially reaching the elusive $9.9 mark.

ADA’s Historical Trends

Martinez’s analysis draws parallels between Cardano’s current market behavior and its historical trends. Citing data from an accompanying chart, he pointed out that a 50% price drop in ADA’s value over the past month mirrors a pattern observed in 2019. 

🧵 #Cardano seems ready for a parabolic bull run! Observing historical trends, the 50% price drop $ADA faced in the past month could be a golden opportunity.

Let's unpack the details and see why now might be the right time to buy the #ADA dip!

— Ali (@ali_charts) May 3, 2024

Notably, ADA’s price consolidated within a parallel channel from September 2018 to July 2020, exhibiting range-bound movements between support and resistance lines. This consolidation marked the end of the bear market at the time, as bullish sentiments slowly crept back into the market.

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Following the consolidation phase, ADA experienced a breakout with a 75% surge, followed by a 56% correction. Such corrections are common after strong price increases and often serve as a setup for further gains. Interestingly, the 56% correction, which occurred in August and September 2020, led to an impressive 4,095% rally for ADA.

Cardano Looks to Repeat Its Monumental Run

Fast forward to 2023, and a similar pattern emerged. Cardano once again consolidated within a parallel channel from September 2022 to November 2023. ADA broke out with a 72% surge in December 2023. However, it has now undergone a 50% price correction. According to Martinez, this could be setting the stage for another significant bull run.

If Cardano follows its previous trajectory, the recent price correction could represent a golden opportunity for investors to buy ADA before a potential bull run, Martinez says. The analyst projects an imminent 2,489% increase from the cycle low of $0.409 to a new all-time high of $9.982.

Meanwhile, ADA is currently struggling to hold above the $0.46 psychological threshold, trading for $0.4644 at the reporting time. Cardano faces immense resistance at the 20-day SMA ($0.4693), with a break above this level capable of pushing it above the $0.50 level. On the other hand, the bulls must defend $0.4290 to foil any attempt at steeper declines.

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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