Cardano, like a lot of the cryptocurrency market, has posted optimistic worth efficiency over the previous week. Whereas the ADA token largely struggled to copy its December run in January, the tides seem like turning within the altcoin’s favor for the time being.
A preferred crypto analyst even weighed in on Cardano’s current worth motion and put ahead a bullish projection for the cryptocurrency’s worth.
Will worth historical past repeat itself?
In a current put up on the X platform, standard crypto analyst Ali Martinez shared an extremely bullish outlook for the Cardano worth. This ADA worth evaluation revolves across the token’s worth sample within the final bull cycle.
Martinez stated in his put up that if historical past have been to repeat itself, Cardano may replicate its worth motion in late 2020. Based mostly on this evaluation, the crypto professional expects ADA to stay inside a consolidation vary till the start of this yr. Q2 2024.
Ought to the patterns line up and #Cardano displays the worth habits on the finish of 2020, which we will anticipate $ADA to stay in a consolidation part till April 2024, paving the way in which for the following bull rally! pic.twitter.com/xEKu1LQRRo
— Ali (@ali_charts) February 3, 2024
Nonetheless, Ali Martinez acknowledged that the present consolidation part would solely be a catalyst for Cardano’s subsequent bull run. The altcoin skilled an analogous interval of calm in November 2020 earlier than its worth rose above $3, its present all-time excessive.
A weekly chart displaying ADA mirroring its worth motion in late 2020 | Supply: Ali_charts/X
In accordance with the chart above, ADA worth may probably attain a brand new all-time excessive after the consolidation interval in April 2024. Martinez set a worth goal of almost $8 for the cryptocurrency, which represents a rally of about 1,400% from the present worth. level.
Curiously, the crypto analyst expects this thrilling bullish projection for Cardano worth to completely materialize in early 2025.
Cardano worth overview
On the time of writing, the Cardano token is valued at 0.5096, reflecting a worth drop of just about 2% up to now day. Though the altcoin’s worth seems to be slowing, it has managed to retain most of its positive factors from the previous week.
In accordance with information from CoinGecko, ADA’s worth has risen greater than 5% over the previous seven days. Nonetheless, from a broader perspective, the coin has struggled considerably for the reason that flip of the yr, with its worth down 16% up to now this yr.
Nonetheless, with a market capitalization of roughly $18 billion, Cardano has been in a position to preserve its place as one of many 10 largest belongings within the cryptocurrency sector.
The Cardano worth slows down on the every day timeframe | Supply: ADAUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
