thecryptobasic.com
While Cardano (ADA) faces pressure from bears with little sign of recovery, analyst Ali Martinez remains steadfast in his assessment that ADA could reach $9 this year.
Cardano (ADA) has struggled with bearish forces, registering lower lows that reflect the broader market trend. A month ago, ADA reached a high of $0.8011 but has collapsed by approximately 30% to $0.5651. Over the last 24 hours, Cardano has witnessed a 2% decline, putting its price at $0.5743.
Meanwhile, as ADA struggles to impress, Martinez maintains that the asset is exactly where it needs to be at this time. In a recent update on X, Martinez asserted that his outlook for Cardano remains unchanged despite recent fluctuations.
Nothing has really changed for #Cardano. $ADA is exactly where it should be, consolidating in the $0.55 to $0.80 range before a breakout to $1.70! https://t.co/414rFQhxLf pic.twitter.com/Djx9YqOp7F
— Ali (@ali_charts) April 9, 2024
Cardano Short-term Target of $1.7 Unchanged
The analyst’s latest update for Cardano follows his earlier commentary in which he forecasted that ADA would consolidate between $0.55 and $0.8. Interestingly, this outlook has materialized as the asset never breached the suggested range over the last 30 days.
Meanwhile, Martinez noted that a breakout from this consolidation zone could see ADA more than double in price. In particular, the analyst suggested a near-term price point of $1.7. Considering the current price at $0.5743, the short-term target implies the analyst expects ADA to expand by 196% soon.
Long-term $9.5 Forecast Remains Intact
Martinez’s conviction in ADA’s bullish path stems from its recent behavior, which mirrors the pre-explosive movements from late 2020. He presented a chart suggesting ADA stayed 805 days in consolidation between 2018 and 2020 before soaring aggressively by 3,217% to its $3.1 peak in 2021.
According to the chart, a similar pattern took shape between 2021 and the present, characterized by 532 days of consolidation. Leveraging this historical data and anticipating a repeat of ADA’s previous trajectory, Martinez foreshadows weekly candles driving ADA by 2,084% to $9.51 by the end of this year.
Interestingly, the $9.51 target represents a revision from the earlier projections of $7 and $8 made by the analyst. While Martinez still maintains a single-digit figure for Cardano this season, other market watchers have argued the likelihood of $11.