Based on a historical pattern, the native token of the Cardano blockchain (ADA) is likely to undergo a major rally to $5 later this year, a popular crypto analyst said.
Despite the massive retracement in the price of ADA caused by the broader crypto market correction, Ali Martinez has remained extremely bullish on the Cardano native token. This is evident in a chart analysis he shared on Saturday.
Notably, the 10th-largest cryptocurrency by market value is hovering above $0.607 at the time of writing. This translates to a decline of over 7% and 18% in the past 24 hours and seven days, respectively.
Reacting to ADA’s latest price actions, Martinez revealed that Cardano is mirroring a pattern observed from 2018 to 2021. As seen on his ADA/USDT one-week chart, the crypto asset consolidated between $0.025 and $0.1 price levels within that period. However, ADA experienced a massive breakout in late 2020 that led to its all-time high of $3.10.
Cardano (ADA) To $5 Forecast
With ADA trading above the accumulation zone observed between $0.23 and $0.45, the experienced crypto analyst implied that Cardano may be on the verge of staging a massive rally similar to that of 2021.
In particular, Martinez expects the utility token to consolidate in the $0.55 to $0.80 range in the coming weeks. According to him, the consolidation will be followed by a surge in the price of ADA to $1.70. “After this upswing, expect a period of further consolidation, setting the stage for a breakout to $5,” he remarked.
Recall that ADA rose to $0.81 on March 14 amidst massive whale accumulations before undergoing a pullback to the current level of $0.607. Though a normal correction, the retracement was also fueled by a World Mobile-related FUD that arose in the project’s community last week.
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