Cardano (ADA) continues to face downward pressure from bears, with little indication of a recovery. However, analyst Ali Martinez remains unwavering in his belief that ADA could reach $9 by the end of the year.
ADA has struggled to overcome the bearish forces in the market, experiencing lower lows that align with the overall trend. Just a month ago, ADA reached a high of $0.8011, but it has since dropped by approximately 30% to $0.5651. In the past 24 hours, Cardano has seen a 2% decline, bringing its price to $0.5743.
Despite ADA’s struggles, Martinez maintains that the asset is currently in the right position. In a recent update, Martinez stated that his outlook for Cardano remains unchanged, even in the face of recent fluctuations.
Martinez’s latest update for Cardano builds upon his previous commentary, in which he predicted that ADA would consolidate within the range of $0.55 and $0.8. Interestingly, this prediction has come true, as ADA has not surpassed this range in the past 30 days.
Martinez also notes that a breakout from this consolidation zone could result in ADA’s price more than doubling. Specifically, he suggests a short-term price target of $1.7. Based on the current price of $0.5743, this implies a potential 196% increase in ADA’s value in the near future.
Martinez’s confidence in ADA’s bullish path stems from its recent behavior, which resembles the movements seen in late 2020 before a significant surge. According to a chart presented by Martinez, ADA underwent a consolidation period of 805 days between 2018 and 2020 before skyrocketing by 3,217% to reach a peak of $3.1 in 2021.
A similar pattern has emerged between 2021 and the present, characterized by 532 days of consolidation. By leveraging this historical data and anticipating a repeat of ADA’s previous trajectory, Martinez predicts that ADA could experience a weekly increase of 2,084% to reach $9.51 by the end of the year.
Interestingly, the $9.51 target represents a revision from Martinez’s earlier projections of $7 and $8. While Martinez still believes ADA will reach a single-digit figure this year, other market analysts have argued for the possibility of ADA reaching $11.
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