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TheCryptoBasic

04/12/2024

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Top Analyst Reaffirms Optimism in Cardano Rally to $9 Despite Dip

While Cardano (ADA) faces pressure from bears with little sign of recovery, analyst Ali Martinez remains steadfast in his assessment that ADA could reach $9 this year. Cardano (ADA) has struggled with bearish...

Top Analyst Reaffirms Optimism in Cardano Rally to $9 Despite Dip

While Cardano (ADA) faces pressure from bears with little sign of recovery, analyst Ali Martinez remains steadfast in his assessment that ADA could reach $9 this year.

Cardano (ADA) has struggled with bearish forces, registering lower lows that reflect the broader market trend. A month ago, ADA reached a high of $0.8011 but has collapsed by approximately 30% to $0.5651. Over the last 24 hours, Cardano has witnessed a 2% decline, putting its price at $0.5743.

Meanwhile, as ADA struggles to impress, Martinez maintains that the asset is exactly where it needs to be at this time. In a recent update on X, Martinez asserted that his outlook for Cardano remains unchanged despite recent fluctuations.

Nothing has really changed for #Cardano. $ADA is exactly where it should be, consolidating in the $0.55 to $0.80 range before a breakout to $1.70! https://t.co/414rFQhxLf pic.twitter.com/Djx9YqOp7F

— Ali (@ali_charts) April 9, 2024

Cardano Short-term Target of $1.7 Unchanged

The analyst’s latest update for Cardano follows his earlier commentary in which he forecasted that ADA would consolidate between $0.55 and $0.8. Interestingly, this outlook has materialized as the asset never breached the suggested range over the last 30 days.

Meanwhile, Martinez noted that a breakout from this consolidation zone could see ADA more than double in price. In particular, the analyst suggested a near-term price point of $1.7. Considering the current price at $0.5743, the short-term target implies the analyst expects ADA to expand by 196% soon.

Long-term $9.5 Forecast Remains Intact

Martinez’s conviction in ADA’s bullish path stems from its recent behavior, which mirrors the pre-explosive movements from late 2020. He presented a chart suggesting ADA stayed 805 days in consolidation between 2018 and 2020 before soaring aggressively by 3,217% to its $3.1 peak in 2021.

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According to the chart, a similar pattern took shape between 2021 and the present, characterized by 532 days of consolidation. Leveraging this historical data and anticipating a repeat of ADA’s previous trajectory, Martinez foreshadows weekly candles driving ADA by 2,084% to $9.51 by the end of this year.

Interestingly, the $9.51 target represents a revision from the earlier projections of $7 and $8 made by the analyst. While Martinez still maintains a single-digit figure for Cardano this season, other market watchers have argued the likelihood of $11.

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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