In a recent post on social media platform X, popular crypto analyst Ali Martinez shared the next step for the Cardano price after the latest downturn.
Crypto analyst Ali Martinez has shared his thoughts on the next move for the Cardano price after the latest downturn. The analyst revealed Cardano price fractals that could see the ADA token rally to as high as $6.
In technical analysis, fractals refer to recurring patterns on a price chart. These patterns can provide insight into historical price movements and can be used to predict the future trajectory of a cryptocurrency.
Martinez revealed that the Cardano price is currently at a point similar to where it was four years ago. After breaking out of the consolidation range in late 2020, the ADA token went on to rally by around 400%, surging to highs of around $0.4 before February 2021.
However, the Cardano price hit a roadblock at this level, falling by more than 40% before continuing its upward trend. The cost of ADA eventually soared to above $3 — the current all-time high — in this cycle.
Martinez explained that the ADA token, having just experienced an almost identical 40% downturn, might be on the verge of a bullish breakout. The analyst said that the next move up for the altcoin is "just two to three weeks away."
Using the historical price data, Martinez predicted that the Cardano price could push to as high as $6, setting a new record high. This would represent an impressive 400% surge from the current price point.
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