Crypto analyst Ali Martinez noted Cardano (ADA) is open to unprecedented gathering. Price activity suggests that Cardano is entering a state of consolidation, which coincides with a moderate decline in the general cryptocurrency market.
Nonetheless, the analyst believes that Cardano’s current consolidation is similar to what it had before a 2,980% surge. If previous events are any indicator, we could see Cardano mirror this move and surpass its all-time high.
Recent Cardano Price Action
Cardano is still up 48.47% over a 30-day period, but it lost 7.21% of its market value in the last 24 hours and is currently trading at $0.372. According to Ali Martinez’s chart analysis, the current consolidation resembles the consolidation phase of 2018-2020, excluding the COVID-19 crash.
At the end of this phase, Cardano saw price increases in the first quarter of 2021, including a nearly 100% increase in seven days in early February 2021. This marked the start of a prolonged uptrend that sent the price soaring. Cardano price. increased by more than 2980% and brought it to its current record level from $3.10 in September 2021.
#CardanoThe current consolidation trend strangely mirrors the 2018-2020 phase without the COVID-19 crash!
Looking to trade this setup? Head… pic.twitter.com/u3KzOsZj2F
– Ali (@ali_charts) November 16, 2023
If analyst Ali Martinez is correct, Cardano is on the cusp of a massive breakout that could send the price of ADA similarly skyrocketing. A review of its price chart shared on social media estimates that Cardano price is surpassing the $6.5 level, an increase of over 1,600%.
The journey to this price point certainly won’t be easy. ADA will face major resistance at the $0.45 level, which it must first clear. This will not be easy, as the coin already unsuccessfully attempted to break this barrier in April. It actually rose above $0.4533 on April 16, but fell 15% to 0.383 on April 22.
According to the analyst, if a strong price rally were to occur now, ADA could surpass $0.45 by the first week of December. If Cardano rises above $0.45, the next stop would be $0.75 by the end of December, a 66% increase from current levels.
According to Coinmarketcap’s Fear & Greed Index, the crypto market now sits at a greed level of 71. For Cardano to mimic the 2021 bull run, overall crypto market sentiment would need to maintain this bullish level and very strong greed. Interest in altcoins expected to recoverand Cardano’s progress on key milestones like smart contracts and DeFi are expected to generate hype.
ADA trending at $3.7 | Source: ADAUSD on Tradingview.com
Featured image from Forbes, chart from Tradingview.com