Recent Price Action
Cardano (ADA) has had a rollercoaster week, hitting a multi-month high before plummeting by 18%. This decline mirrors the bearish trend in the crypto market.
Analyst’s Projection
Crypto analyst Ali Martinez believes Cardano’s price will rebound from the recent downturn. He compares the current price action to a pattern seen in 2018-2021.
Price Surge Predicted
Martinez predicts that ADA will move sideways between $0.55 and $0.80 in the coming weeks, followed by a rapid surge to $1.70. After this 160% increase, he expects a period of consolidation before a breakout to $5.
Timeline
These bullish moves are projected to occur over the next few months in 2024.
Current Market Position
As of now, ADA is trading at $0.6626, down 8.3% in the past 24 hours. Despite the recent dip, it remains one of the top 10 cryptocurrencies with a market cap of over $23 billion.
