Cardano (ADA) has taken a beating this week, mirroring a broader market downturn with a 9% drop in the last 24 hours. The price struggles come after failing to break the $0.8 resistance earlier this month and a resurgence of fear, uncertainty, and doubt (FUD) within the community.
However, one analyst remains bullish on Cardano’s long-term prospects. Ali Martinez, an experienced analyst, believes the current price dip aligns with historical trends and predicts a potential surge to $5 by year’s end.
Cardano Echoing Past Success?
Martinez draws parallels between Cardano’s current price action and its performance between 2018 and 2021. During this period, ADA consolidated for an extended period between $0.025 and $0.1 before a breakout in late 2020 that propelled it to its all-time high of $3.10.
Based on this historical comparison, Martinez anticipates Cardano to continue consolidating between $0.55 and $0.8 in the near future. This will then be followed by a significant breakout pushing the price to $1.7.
A Bullish Roadmap: Consolidation, Breakout, and $5 Glory?
The analyst further predicts another consolidation phase after hitting $1.7, paving the way for an even more dramatic surge that could see ADA reach $5 before 2024 concludes.
Interestingly, Martinez accurately predicted the recent price correction, highlighting it earlier in March while the coin was still rallying.
Will the Bullish Calls Ring True?
Only time will tell if Martinez’s optimistic forecast materializes. If it does, the recent chatter about Cardano reaching $5, or even $10, could become a reality, bringing significant gains to ADA holders.
Also Read: Cardano Hydra Not Dead: Hoskinson Debunks FUD, Highlights Upcoming Upgrades
For now, Cardano remains far from such lofty predictions, currently trading at $0.6195. However, Martinez’s analysis offers a compelling counterpoint to the recent negativity surrounding Cardano, suggesting that a significant price increase could be on the horizon.
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