- Analyst Ali Martinez is doubling down on his projection of Cardano (ADA) becoming a $7 asset in the anticipated bull.
- Martinez’s analysis parallels Cardano’s current consolidation phase and previous accumulation periods in late 2018 and 2020.
Analyst Ali Martinez reaffirms his prediction that Cardano (ADA) could reach $7 during the anticipated bull run, foreseeing a potential gain of 1,767% following its breakout from consolidation.
Despite Cardano’s recent struggles around the $0.50 mark, experiencing a 7.16% decline over the past week to a low of $0.4875, market sentiment remains optimistic about its future trajectory. A respected analyst, Martinez bases his confidence on ADA’s current candlestick patterns, which resemble past pre-bull dynamics.
Drawing parallels to Cardano’s previous consolidation phases in late 2018 and 2020, Martinez highlights that ADA spent approximately 805 days accumulating, trading between $0.034 and $0.08. Following these consolidation phases, Cardano reached an all-time high of around $3, marking a remarkable 3,217% increase, with bullish momentum lasting approximately 287 days.
Martinez’s analysis suggests that ADA is currently undergoing a similar consolidation phase, which is expected to conclude by April after approximately 574 days of accumulation. He anticipates a subsequent rally for Cardano once it breaks out of this consolidation phase.
Based on the 2021 bull run candlestick patterns, Martinez predicts a target of 287 days for Cardano’s bullish momentum, with a peak price projection of $7.919, representing a potential gain of 1,767.67%. He suggests that ADA could achieve this milestone by January 2025, followed by a bearish rally.
This recent update from Martinez is not the first time he has highlighted Cardano’s potential to reach a $7 valuation, indicating a consistent bullish outlook. Moreover, other analysts have also set ambitious price targets for ADA, with some envisioning it reaching $11.
