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- Cardano sees a 14% drop amidst a bearish trend, hitting $0.4889.
- Analysts identify a pattern suggesting Cardano may surge to $0.80 by April.
- Despite optimism, a brief correction to $0.60 is possible on the way to the $1 range, with a forecasted 1,300% increase to $7.
Cardano (ADA) experiences a 14% dip in a bearish market, yet analyst Ali Martinez anticipates a potential rise to $0.80 by April and envisions a substantial 1,300% increase to $7.
The current price has slipped to $0.4889, which has seen an overall drop of 18.07% over the last 30 days. However, amid the downturn, market analysts are pointing towards a potential bullish reversal for Cardano.
Martinez has identified a pattern in Cardano’s market chart that bears resemblance to a previous cycle, hinting at the possibility of a substantial bull run in the coming weeks. In a recent post, he compared Cardano’s current consolidation phase to its behavior in late 2020.
During that period, Cardano witnessed remarkable growth, surging over 1,200% from $0.09699 in November 2020 to $1.3 by March 2021. Drawing parallels to historical trends, Martinez suggests that Cardano might resume its upward trajectory around April, potentially reaching $0.80.
Despite the optimistic outlook, Martinez acknowledges the possibility of a brief correction to $0.60 on the journey toward the $1 range. To support his analysis, Martinez shared a chart forecasting Cardano’s progression, highlighting potential hurdles before reaching the projected targets.
The most striking projection from Martinez is the assertion that Cardano has the potential to become a $7 asset. If historical trends repeat, this would translate to a 1,300% increase from its current price of $0.4999.