Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Cardano Comeback: Analyst Reveals Why It’s Time To Get Back Into ADA

Share This Post

Cardano (ADA) might be going through a lackluster price action at the moment, but analyst Ali Martinez believes the crypto might be gearing up for a parabolic run. While taking to social media platform X, Martinez talked about an intricate price analysis that ADA investors might find appealing.

Particularly, the analyst noted that the cryptocurrency’s current price formation is showing signs of a comeback, according to its price history.  

Cardano Price History Shows Signs Of Comeback

The price of Cardano has been on a correction path since the middle of March when it peaked at $0.79. Interestingly, current price levels means that the cryptocurrency has corrected over 40% from this peak.

This has led to concerns from some investors about the ADA’s price trajectory for the rest of the years, particularly considering different inactivity concerns and others surrounding the cryptocurrency. However, according to Martinez, this cycle is normal for the cryptocurrency.

The renowned analyst’s take on ADA is based on its historical trend. According to the 1M ADA/USD timeframe chart shared by Martinez, the 50% price drop ADA recorded in the past month could be a golden opportunity for crypto investors to position themselves for a price surge. 

Looking at ADA’s price history shows this may just be a temporary setback before the next rally. A similar price action played out between 2019 and 2020 before the surge to new all-time highs in 2021.

After breaking out of a consolidating channel in 2020, ADA went on a 75% surge and then corrected by 56% over three months. This correction was soon forgotten as ADA bounced up and went on an impressive 4,095% bull run to reach its current all-time high of $3.09.

As Martinez noted, a similar price action seems to be playing out. ADA recently broke out of a consolidating channel which played out for almost the entirety of 2023. This break above the channel saw ADA performing a 72% surge before its recent correction.

If history were to repeat itself, ADA might kickstart a parabolic run in May and push up to new highs in the coming months. Martinez predicted a 2,480% price surge to $9.98 within the next nine months. 

What To Expect In Cardano’s Next Bull Run

It is important to note that the crypto market has evolved significantly since 2021 and crypto assets have become less volatile, especially during uptrends. Many things have to be put in place in order for a $9 ADA price to become a reality.

For instance, there needs to be a wider inflow and mainstream adoption of cryptocurrencies. According to crypto prediction website Telegaon, Cardano could reach the $9 price level by the end of the decade. 

Martinez believes the recent price correction might actually be one of the last buy-the-dip opportunities for investors to get on ADA. At the time of writing, ADA is trading at $0.4638 and is down by 1% in the past 24 hours.

Featured image from Pexels, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Former SafeMoon CEO Braden Karony convicted on all charges in $200M crypto fraud scheme

A federal jury convicted former SafeMoon Braden John Karony on all charges in a crypto fraud scheme that siphoned millions from investors under false promises of decentralized finance security The

CME Group Bets Big On XRP—Institutional Demand Is Surging

CME Group’s quiet confidence in XRP has crystallized into a fully fledged commitment: the derivatives giant now treats the token as a core building-block of its digital-asset strategy Speaking on

Ethereum Holds Above Key Prices – Data Points To $2,900 Level As Bullish Trigger

Ethereum is at a critical juncture as it approaches the $2,700 level, widely viewed as the next key resistance that bulls must overcome to confirm a bullish setup This comes as Bitcoin broke above

Compass Mining, Synota Redirect Bitcoin Hashrate to Fund Energy and Healthcare Initiatives

Compass Mining has partnered with Synota’s “Impact Mining” initiative to redirect a portion of bitcoin mining revenue toward subsidizing energy costs for healthcare and education projects in

Kraken to Offer Tokenized Stock Trading for Non-US Users via Solana and Backed

Crypto exchange Kraken is preparing to launch tokenized stock trading for non-US users, a move aimed at expanding retail and institutional access to US equities in digital form The upcoming offering

Indicators show retail remains sidelined as Bitcoin trades at new highs

Despite Bitcoin (BTC) reaching a new all-time high at $111,96580 on May 22, retail adoption and on-chain gauges indicate speculative leverage has not stretched market conditions VanEck head of