Cardano (ADA) could potentially experience its bullish run earlier than initially anticipated, according to analyst Ali Martinez. Previously, Martinez had predicted that ADA would continue its consolidation phase until April 2024. However, the eighth largest cryptocurrency by market cap has had an eventful week, with its price fluctuating in an attempt to establish a support level. As of now, ADA has seen a weekly gain of 9%, but has declined by 1.3% in the past 24 hours, currently trading at $0.588387.
Martinez offers a promising prediction, stating that ADA may rise to $0.8, retrace to $0.6, and then embark on a remarkable bull run that could lead to a 1233% increase, reaching $8. He suggests that the breakout could potentially occur earlier than expected.
Cardano’s gradual surge since January 23, when its price fell to $0.44, has been notable. Investors have managed to push the asset above its daily moving average (MA) 50, reaching $0.53. Currently, the price range of $0.613 to $0.617 has acted as a critical resistance area since mid-January. If this zone is breached, ADA could potentially target $0.68, and from there, move directly to $0.8, as predicted by Martinez. However, if ADA falls below the MA 50, it could witness a long liquidation, causing the price to drop to the $0.44 support level.
In a previous prediction, Martinez noted that ADA’s current price behavior seems to mimic the market cycle of 2020. He suggested that ADA could remain in a consolidation phase until April 2024, similar to its behavior in late 2020. Based on historical patterns, Martinez projected a 1,767.67% increase after the consolidation phase, with ADA reaching $7.919.
The anticipated breakout could coincide with the highly anticipated Bitcoin halving event, scheduled to occur at a block height of 840,000. Meanwhile, Cardano’s Plutus V3 has been launched on SanchoNet, enabling features related to governance, voting, and interoperability between blockchains. This launch is expected to enhance the adoption rate of smart contracts and provide improved security.
In summary, Cardano (ADA) may experience its bullish run earlier than expected, potentially reaching $8 according to analyst Ali Martinez. The cryptocurrency has seen fluctuations in its price, but if it surpasses the critical resistance area and maintains its positive momentum, it could achieve significant growth.