Analyst Says He Does Not Understand the Hate on Cardano, Maintains $6 ADA Target Amid 140% Spike
The post Analyst Says He Does Not Understand the Hate on Cardano, Maintains $6 ADA Target Amid 140% Spike appeared on BitcoinEthereumNews.com.
An analyst has called attention to what he believes is underserved hate toward Cardano, maintaining his $6 price target amid a recent 140% surge. Ali Martinez, a market veteran, had previously forecasted in late October that ADA could record an impressive move. Despite receiving backlash and bearish criticism, the recent price action suggests that his predictions are unfolding as expected. On Oct. 29, Martinez analyzed a chart comparing ADA’s historical price movements to its current trajectory. His analysis suggested that Cardano might replicate its performance from 2020. Initial ADA Analysis Data from the chart shows that from 2018 to early 2020, ADA traded within a tight accumulation range. Following the COVID-19 crash in March 2020, ADA staged an impressive 75% recovery. However, after this 75% upsurge, Cardano witnessed a steep 56% correction before it resumed the uptrend. The new uptrend culminated in a meteoric 4,095% price increase, ultimately leading to the ATH above $3 by 2021. Cardano 1W Chart | Ali Martinez Martinez highlighted similarities between the 2020 accumulation phase and ADA’s price action from 2023. From mid-2022 to late 2023, ADA fluctuated within a similar horizontal range for 455 days. However, the token eventually rallied during the first phase of the bull run from Q4 2023 to Q1 2024, rising 75% to $0.81 in March 2024, exactly as it did in late 2020. This mirrored its earlier pre-bull phase, suggesting a major breakout was imminent. The chart also highlighted a downside of 65.93% from March to August 2024 which followed the 75% increase. Despite this drop, Martinez said in late October that Cardano was on the verge of repeating the massive uptrend from the previous cycle. He predicted that Cardano could record an impressive surge by Nov. 18, two weeks after the U.S. elections on Nov. 5, with a…
Filed under: News - @ November 20, 2024 7:24 pm