Cardano (ADA) may experience its bullish run earlier than expected, according to predictions from analyst Ali Martinez. Initially, Martinez had forecasted that ADA would continue its consolidation phase until April 2024. However, the 8th largest cryptocurrency by market cap has been making moves on the price curve this week in an attempt to establish a support level. As of press time, ADA has seen a weekly gain of 9%, but has declined by 1.3% in the last 24 hours and is currently trading at $0.588387.
Martinez’s prediction offers some relief, suggesting that ADA could trigger its bull run sooner than anticipated. He believes that ADA may rise to $0.8, retrace to $0.6, and then experience a significant bull run of 1233% to reach $8.
Cardano has been gradually surging since January 23, when it fell to $0.44. Investors later pushed the asset above its daily MA 50, driving it to $0.53. Currently, the price range of $0.613-$0.617 has been a critical resistance area since mid-January. If this zone is breached, ADA could target $0.68 and then move directly to $0.8 as predicted by Martinez. However, if ADA falls below the MA 50, it could experience a long liquidation that might send the price down to the $0.44 support level.
In a previous prediction, Martinez noted that ADA’s current price seems to be following the 2020 market cycle. Drawing from this observation, he forecasted that ADA would remain in a consolidation phase until April 2024. Comparing it to the late 2020 price behavior, Martinez predicted that ADA would rise by 1,767.67% after the consolidation phase to reach $7.919.
The anticipated breakout could align with the Bitcoin halving event, which is eagerly awaited and is set to occur at a block height of 840,000. Additionally, Cardano’s Plutus V3 has recently been launched on SanchoNet, offering support for governance and voting features. It also enhances interoperability between blockchains and improves the adoption rate of smart contracts, providing a notable security advantage.
In summary, Cardano (ADA) may experience its bullish run earlier than expected, with predictions suggesting a rise to $0.8, a retracement to $0.6, and ultimately a significant bull run to $8. The cryptocurrency has been making moves on the price curve and could target $0.68 after breaching a critical resistance area. However, a fall below the MA 50 could result in a long liquidation and a decline to the $0.44 support level. Analyst Ali Martinez has also previously predicted a consolidation phase for ADA until April 2024, followed by a substantial rise to $7.919. The breakout could coincide with the Bitcoin halving event, and Cardano’s Plutus V3 has been launched to enhance governance and voting features, as well as improve smart contract adoption and security.