Cardano (ADA) experienced some short-term price fluctuations, including during the period when Bitcoin prices surged above $73,000, leading to disappointment among investors. However, despite this, Ali Martinez continues to emphasize that a significant rise to the $5 level is possible.
Will Cardano (ADA) Price Rise?
The bullish expectation put forth by Ali Martinez follows ADA‘s past price movements and shows parallels with previous market cycles.
The recent 24-hour cryptocurrency downturn has also negatively affected Cardano’s price. Additionally, the recent “FUD” (Fear, Uncertainty, and Doubt) mentioned by Cardano’s founder Charles Hoskinson contributed to the price drop.
The events seem to have temporarily halted ADA’s price movement beyond the $0.8 level.
Despite these events, renowned analyst Ali Martinez maintains his optimism about ADA. In a post on platform X, Martinez pointed out that the current price movement of Cardano shows parallels with the period from 2018 to 2021, suggesting a potential rise.
During the mentioned period, ADA traded between $0.025 and $0.1.
Despite this, after a sharp price movement at the end of 2020, ADA moved towards its all-time high (ATH) of $3.10.
Martinez highlighted this price movement, noting that the recent situation in Cardano resembles the pre-breakout phase of the last bull cycle. The analyst mentioned that ADA could soon be priced between $0.55 and $0.8, followed by a potential move to $1.7.
If this scenario unfolds, Martinez suggests that the price could potentially reach $5 by the end of 2024. To achieve the $5 level, ADA would need to see an increase of 706% from its current price of $0.6203.
Analyst’s Past ADA Prediction Was Accurate
Ali Martinez’s past price predictions have been largely accurate. Martinez had forecasted a potential correction period for Cardano and had attracted attention in the rising market.
As of the time of writing, Cardano (ADA) is trading at $0.6135, which means the cryptocurrency has fallen by 1.79%. ADA’s market cap experienced a similar decline, falling to $21.7 billion. ADA’s 24-hour trading volume also saw a 13% decrease, amounting to $925 million.
