A popular crypto analyst has predicted an imminent Cardano (ADA) surge that could potentially shoot the price of the token as high as $1.70. Capitalizing on an initial forecast by the same expert, he pointed out that the value of the token is set to rise having repeated a similar trend from before.
Is Cardano’s $1.70 surge feasible?
Top crypto analyst known as Ali Martinez on X, took to the microblogging platform to share his forecast for Cardano, the tenth-largest cryptocurrency by trade volume. According to him, the price of the token is expected to skyrocket by over 300% in the coming weeks based on a repetitive pattern in the tokens chart.
Martinez had previously made the same assumption in March when he first pointed to the similarity in the trading pattern observed between 2018 and 2021. Per his analysis, Cardano is expected to consolidate in the $0.55 to $0.80 range in the coming weeks, followed by an upswing to $1.70. He asserted that a period of further consolidation would come after the price surge, setting the stage for an even higher breakout to $5.
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
Referring to his post in March, Martinez stressed that nothing has changed and that Cardano (ADA) is still on the right path to fulfilling this prediction further cementing his expected breakout. Martinez emphasizes how previous cycles shaped his estimates, drawing on accumulation patterns shown on ADA’s price chart. Specifically, after a 115-day accumulation phase, Cardano’s ascension in late 2010 produced an incredible 3,217% gain, with a peak price of $3.
Even though the price of Cardano is still far below its all-time high of $3 attained after the bull run in 2021, Martinez and the crypto community remain optimistic about the future of the token.
Cardano (ADA) price today
Meanwhile, Cardano is undergoing a significant price drop today. According to data from CoinMarketCap, ADA is currently changing hands at $0.56 representing a 9% decrease in the last 24 hours. However, its trading volume has surged more than 22.6% in the last day to $551,798,227 ($555.7 million) with a live market cap of $20.2 billion.
As Cardano investors continue to wait for a shift in the price movement of the coin, speculation lingers as to the factors that could trigger such an outcome.
