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Cardano (ADA) Set To Explode: Crypto Analyst Uses Historical Data To Predict 2,300% Surge

Press Releases Crypto News Bitcoinist Cardano (ADA) Set To Explode: Crypto Analyst Uses Historical Data To Predict 2,300% Surge

Many investors have been left dissatisfied with Cardano’s performance this year due to the huge decline in the value of ADA, the native cryptocurrency of the blockchain. On-chain data shows that the percentage of Cardano (ADA) addresses that have been lost is already over 94%, and data points to the possibility of further losses soon.

However, only some analysts share this sentiment. Despite recent events, a crypto analyst has used historical data to predict a mind-blowing 2,300% surge for ADA, Cardano’s native token.

Analyst Uses Historical Data to Make Bold Prediction

ADA has not been immune to the current lengthy bear cycle in the cryptocurrency market. Although the crypto is still one of the top 10 in market cap, it’s now down 92% from its all-time high of $3.09 in 2021. Cardano has been consolidating between $0.50 and $0.20 for months, leading some to question whether it can ever recover to reach its all-time high.

Ali Martinez, a well-known crypto expert, recently shared his thoughts on the cryptocurrency on the social networking platform X. Martinez points out that the current consolidation of ADA’s price mirrors the one that occurred for 665 days in 2018-2020 before 2021’s bull run.

Based on this trend, Martinez predicts the current bearish trend will bottom out as early as December or as late as July 2024. According to the analyst’s projection, a repetition of this cycle would see ADA surge to $6. The crypto trading at $0.2474 would mean a surge of over 2,300%.

ADA’s price trends to the downside on the daily chart. Source:

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Author: Scott Matherson

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