Against the backdrop of a bearish monthly run for Cardano (ADA), a prominent crypto market analyst made an attention-grabbing post on X, injecting a substantial dose of optimism into the 10th largest cryptocurrency by global market cap. In a post shared by the crypto analyst Ali Martinez today, May 3, it was highlighted that ADA remains poised for a parabolic bull run based on historical trends.

Here’s an in-depth report on the analyst’s remarks, which appear to have ignited a sense of bustle among crypto market participants.

Ali Martinez Fuels Optimism With Historical Trends

According to Martinez, in 2019, ADA illustrated a remarkable pattern wherein the token’s price trajectory consolidated within a parallel range, marking the end of a bear market. Simultaneously, the token witnessed a whopping 75% price rally, further escorted by a 56% correction, setting the stage for another impressive bull run.

In 2023, a similar phenomenon garnered noteworthy interest, wherein Cardano consolidated within a parallel range, again marking the end of a bear market. Subsequent to this period of stagnation, ADA embarked upon a 72% price rally, followed by a 50% correction, further setting the stage for another bull run.

These remarks, illustrating the analyst’s undeterred confidence in ADA’s potential to offer another round of substantial gains to investors, have gained notable traction primarily due to historical data’s rationalization. However, it’s worth noting that past performances don’t always guarantee future movements within the turbulent landscape of cryptocurrencies. To this, the analyst adds, “History doesn’t repeat itself, but it often rhymes! ”

Meanwhile, Cardano traded in the green, running in tandem with the broader market trends.

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Cardano (ADA) Price Jumps

As of writing, the Cardano (ADA) token’s price has jumped 1.93% in the past 24 hours and is currently resting at $0.4632. Despite the token’s derivatives data underscoring a negative sentiment, the analyst’s remarks have further raised eyebrows across the crypto space, indicating a potential shift in market sentiment.

Coinglass data spotlighted a 1.98% dip in ADA’s open interest, reaching $211.53 million, whereas the derivatives volume slipped 28.39%, reaching $349.67 million. This highlighted reduced investor interest and market activity for the token, in turn questioning the presence of buying pressure in the market.

Nonetheless, should bulls take control of ADA, a price rally remains not just possible, but imminent. Crypto market enthusiasts continue to eye Cardano for further price action shifts, hopeful for a positive turn of events due to the analyst’s remarks.

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The post Cardano (ADA) Price Poised For A Parabolic Run, Analyst Predicts Citing Historical Trends appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am