“When will Cardano (ADA) reach $1?” This has been the question since the coin went on a road to recovery a couple of months ago. However, after it reached a peak of $0.66, which was never seen since May 2022, it all went downhill. But then again, an emerging pattern mirroring its previous road in 2018 to 2020 toward an all-time high of $3.10 in 2021 gives hope that it will not only breach the dollar range but also take a new record-high above $7.
The Struggle of Cardano (ADA)
Since ADA lost hold of the $0.60 line in January this year, it has been on the downside and it even touched $0.45 at some point. So far, its psychological threshold has been at $0.50, which it struggles to maintain until the present. Today, it again touched $0.47 to register a new support in the seven-day chart.
For some, this is indeed a jarring state, but as they say, “When in doubt, zoom out.” And this is where it all makes more sense for more experienced traders. One major player in the crypto world who just confirmed a bullish scenario forming was Ali Martinez.
When the Past Becomes the Present
Based on Martinez’s recent post on X, the movement of Cardano over the past two years has been emulating its trajectory between the late period of 2018 to 2020. The analyst recalled that ADA had been on the accumulation phase for 805 days during that time wherein prices hovered along the $0.034 to $0.08 marks. However, it eventually overcame the long-term consolidation to rally the values up to an all-time high of $3.10.
The timeframe provided by Martinez revealed some interesting nuggets of information, too. Within this span, Cardano increased its valuation by 3,217%. This also came with 287 blissful days for traders as the cryptocurrency went on a bullish path.
Interestingly, Martinez hinted that the next bullish breakout may come earlier as Cardano has already been on 574 days of accumulation. With that, the coin could end its consolidation by April, which is around the same time that Bitcoin will undergo halving.
Taking notes from its past performance, ADA might manage to repeat the 287-day bull run on the way to a price of $7.919 by January 2025, reflecting a 1,767.67% gain. After that, expect the bears to take charge in yet another cycle.
It should be noted that Martinez already let out the same prediction last month. So, consider this as his reassurance that everything is still on track.
Ben Armstrong, formerly BitBoy, seems to agree with the projection of Martinez in one of his YouTube videos, but with a twist. The analyst plotted the peak at $11 without providing much information on how he arrived at those numbers.
Quick Reminder
The forecast shown here is certainly very reassuring for us Cardano fans, but it should not be construed as financial advice coming from our part. The forward-looking statements curated here are only meant to inform readers.
Likewise, do note that nothing is set in stone, and past trends do not always guarantee future performance. Therefore, be sure to back up your investment decisions with due diligence on your part.