Crypto analyst Ali Martinez believes that Cardano (ADA), a rival to Ethereum (ETH), is poised for a significant surge.
Cardano’s Bullish Pattern
Martinez points to historical patterns in ADA’s price action, noting that after a 50% correction in 2020, it embarked on a vertical rally. A similar pattern may be unfolding now, with ADA recently breaking out of a parallel channel and experiencing a 50% price correction.
Projected Gains
Based on Martinez’s chart analysis, he predicts that Cardano could appreciate by approximately 2,080% from its current price of $0.467.
Bitcoin’s Bullish Signal
Martinez also notes a bullish signal for Bitcoin (BTC) from the Tom DeMark (TD) Sequential indicator, which suggests a potential one to four-day candlestick rebound for the cryptocurrency.
Current Market Conditions
At the time of writing, Bitcoin is trading at $62,750, up over 6% in the past day.
