- Cardano (ADA) is currently experiencing a sluggish price action, but analyst Ali Martinez predicts a potential parabolic run for the cryptocurrency.
- Martinez’s analysis is based on ADA’s historical price trends, suggesting that the recent 50% price drop could be a golden opportunity for investors.
- Should history repeat itself, ADA could potentially surge by 2,480% to $9.98 within the next nine months.
Analyst Ali Martinez predicts a potential parabolic run for Cardano (ADA), suggesting that the recent 50% price drop could be a golden opportunity for investors.
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. The current price levels indicate that the cryptocurrency has corrected over 40% from this peak. This has led to concerns from some investors about ADA’s price trajectory for the rest of the year. However, according to Martinez, this cycle is normal for the cryptocurrency.
Historical Trend Analysis
Based on 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. A similar price action played out between 2019 and 2020 before the surge to new all-time highs in 2021.
What To Expect In Cardano’s Next Bull Run
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.
Conclusion
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. However, for a $9 ADA price to become a reality, there needs to be a wider inflow and mainstream adoption of cryptocurrencies. At the time of writing, ADA is trading at $0.4638 and is down by 1% in the past 24 hours.
