A popular crypto trader believes Cardano (ADA), a rival to Ethereum (ETH), is poised for a massive surge of over 190%.
Fractal Pattern Analysis
Analyst Ali Martinez analyzed ADA’s price movements and identified a pattern similar to one observed from 2018 to 2021. According to Martinez, if this pattern continues, ADA could consolidate between $0.55 and $0.80 before surging to $1.70.
Current Position and Outlook
Martinez recently updated his prediction, stating that ADA is “exactly where it should be” before a potential breakout to $1.70. Currently trading at $0.582, ADA is slightly down from its recent high.
Bitcoin’s Impact
Martinez also analyzed Bitcoin’s (BTC) address metrics, which suggest that the top cryptocurrency could move higher. He believes the odds favor Bitcoin bulls, based on the number of addresses holding BTC at different price levels.
Disclaimer
The views expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in cryptocurrencies.
