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Analyst Explains Cardano Comeback: Why You Should Buy Again
The analyst stated that the cryptocurrency's pricing history suggests a recovery.
History of Cardano Prices Indicates Comeback
Cardano has been falling since mid-March, when it peaked at $0.79. Cryptocurrency prices have dropped almost 40% from this peak.
Given the cryptocurrency's inactivity and other worries, some investors are worried about the ADA's price trajectory in the future. Martinez said this cycle is common for bitcoin.
The famous analyst bases his ADA analysis on historical trends. Martinez's 1M ADA/USD period chart suggests that crypto investors could capitalize on ADA's 50% price decline last month.
Looking upon ADA's price history, this may be a brief setback before the next ascent. Price activity was similar in 2019 and 2020 before the 2021 rise to record highs.
The crypto market is worth $2.29 trillion. TradingView chart
After breaking out of a consolidating channel in 2020, ADA rose 75% and corrected 56% over three months. After this adjustment, ADA proceeded on a 4,095% bull run to its all-time high of $3.09.
Like Martinez, pricing activity appears to be comparable. ADA ended its 2023 consolidation channel. ADA surged 72% before its current pullback after breaking the channel.
If history repeats, ADA might start a parabolic run in May and reach new highs in the coming months. Martinez estimated a 2,480% price increase to $9.98 in nine months.
The crypto market has changed since 2021, making crypto assets less volatile, especially during uptrends. For a $9 ADA pricing, many things must be done.
There must be more cryptocurrency inflow and widespread use. Telegaon predicts Cardano will hit $9 by the end of the decade.
Martinez feels the latest price correction may be one of the last buy-the-dip opportunities for ADA investors. ADA is currently trading at $0.4638, down 1% in 24 hours.
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