After a wild period for ADA, a crypto analyst predicted a meteoric rise of 725%, citing a striking historical price pattern.
The price of Cardano (ADA) has been volatile in recent weeks. Last week, it reached a multi-month high of $0.80 and crashed by nearly 20% afterward.
As of the time of writing this line, ADA was priced at $0.6062, representing an 18% decline over the past week and a 4% drop over the past 30 days.
According to renowned analyst Ali Martinez, the current price action of ADA mirrors a pattern from 2018 to 2021 based on his analysis.
ADA Poised for Breakout to $5
In a recent chart shared on X, Martinez revealed that from 2018 to 2021, there was a period of consolidation for ADA followed by a breakout to a much higher price.
So far, #Cardano resembles the pattern observed from 2018 to 2021.
Should this fractal continue, anticipate $ADA to consolidate in the $0.55 to $0.80 range in the coming weeks, followed by a surge to $1.70. After this upswing, expect a period of further consolidation, setting… pic.twitter.com/46LIp2hkMx
— Ali (@ali_charts) March 16, 2024
Martinez expects a similar pattern this time, with a period of consolidation between $0.55 and $0.80 followed by a surge to $1.70. After that, he expects another period of consolidation before a breakout to $5.
725% Surge
A surge to $5 would mean that ADA would have to increase by 725% from its current price of $0.6062. Moreover, the $5 price would mean the coin would set a new all-time high (ATH). ADA’s highest price was $3.09, achieved in September 2021 (over two years ago).
Also, the targeted $5 price will see ADA’s market cap jumping to around $183 billion from its current market cap of just $21 billion. The crypto asset is currently ranked eighth among the global cryptocurrency market by market cap. Is a $5 price possible for ADA in the near future?
Previously, in February, Martinez also made one bullish prediction for ADA. As reported by Coinfomania at that time, the analyst pointed to data from IntoTheBlock detailing what he sees as a resistance level that could pave the way for a bullish move toward a $0.68 ADA price.
