Leading crypto market analysts are making bold price predictions, especially for altcoins. Experts suggest that Cardano (ADA) could be one of the altcoins ready for an upward price correction in the long term.
Expert Insights on ADA
A well-known crypto analyst, Ali Martinez, summarized his observations and expectations for the 8th most valuable cryptocurrency by market value. In a recent post shared on Analyst X, Martinez highlighted a chart pattern that appears to be a repeat of a model identified in 2020, which triggered a crypto market crash leading to a notable price drop for ADA. The analyst claims that if ADA completely mimics this model, the token could remain in a consolidation phase for the next four months, stating:
If the models align and Cardano reflects the price behavior from the end of 2020, we can predict that ADA will stay in the consolidation phase until April 2024, setting the stage for the next bull rally!
ADA Report from Santiment
Consolidation can occur when a cryptocurrency stagnates and trades between two levels. At this point, the market may show indecision about where the token is headed in the long term. When the altcoin breaks upwards or downwards, it ends the consolidation phase and can initiate the start of a new trend. The analyst added that if the patterns from 2020 are perfectly consistent with the current model, ADA could maintain its upward momentum and potentially result in ADA reaching $8 for the first time this year.
ADA is positioned to reclaim previous support levels above the $0.65 price point. Although the token showed a rather slow recovery last month, ADA bulls remained active. According to on-chain data, crypto market values may have been devoid of the usual growth analysts have come to expect since the start of the bull cycle in October. This situation triggered the downtrend that led the crypto narrative this week. Cardano (ADA) and five other cryptocurrencies are in a range of more negative mass sentiment compared to historical averages. The crypto analytics firm Santiment stated in its comments:
This is happening for the first time in six months. When investors are worried and show FUD across multiple major assets, it’s a sign that market values are more likely to see an upcoming bounce. Markets historically move in the direction least expected by the crowd, causing the rise to catch many short-term investors off guard.
