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Ranked 8th by market value, Cardano (ADA) experienced a decline after a surge at the end of last year, causing concern among investors. However, the analyst who has been frequently mentioned lately, Ali Martinez, has an analysis that could reassure ADA investors. The crypto analyst mentioned that ADA could surpass $7 in the next bull run.
When Will Cardano Reach $7?
Ali Martinez, who has attracted attention with his recent analyses, points out that ADA’s price chart shows similarities to the 2020 trend and suggests that the altcoin could reach the $7 target. ADA had experienced a massive crash during the COVID-19 pandemic but then reached an all-time high of $3.10 in September 2021.
Furthermore, Martinez conducted a more in-depth analysis and discovered that Cardano’s current consolidation phase also shows a similar pattern to the past. The bull run in 2021 paved the way for Cardano’s price to gain approximately 3000% in value. According to Martinez, this time ADA’s price could experience a 1300% increase from its current level of $0.49.
If history repeats itself, ADA could see an upward price movement around March, three months from now. The analyst predicts the first rise could reach $0.80, followed by a potential pullback to $0.60, and eventually, ADA’s price could climb up to $7.
About 9 days ago, on January 10th, Martinez pointed out a buying signal on the Cardano price chart. He noted that ADA had reached the Fibonacci 0.618 retracement level.
If this signal is correct, $ADA could surpass the $0.55 resistance, potentially move towards higher targets of $0.69, and possibly even reach $0.93.
Moreover, ADA’s price has not been able to overcome the resistance area due to significant recent declines. Furthermore, the price fell below the $0.50 level due to the decline that caused it to move away from the resistance level.
How Much is Cardano?
Today, ADA’s value has fallen over 4%, dropping to $0.049. Additionally, its monthly losses have exceeded 15%, which represents a significant amount for those who invested in the last 20 days.
Following the recent declines, ADA’s market value fell to $17.3 billion. Despite the drop in price, there was an incredible increase of 50.71% in trading volume, ultimately rising to $427.28 million. At the end of last year, ADA’s price surpassed $0.62 and reached the highest level of the month in the last week of 2023.
