Cardano Could Explode by Over 1,300% if History Repeats Itself, According to Trader – But There’s a Catch

By The Daily Hodl - 3 months ago - Reading Time: 2 minutes
Sat, Jan 20, 2024 10:15 AM

Cardano Could Explode by Over 1,300% if History Repeats Itself, According to Trader – But There’s a Catch

Cryptocurrency analyst and trader Ali Martinez is saying that Cardano (ADA) is on the cusp of potentially enjoying an explosive run from its current level.

Martinez tells his 41,000 followers on the social media platform X that Cardano is currently in a consolidation phase on the three-day chart.

The crypto analyst and trader says that the current consolidation phase is similar to what ADA experienced in 2020 just before skyrocketing from around $0.10 to an all-time high of slightly over $3 – a gain of over 2,900%.

According to the crypto analyst and trader, “If history repeats itself, we might see ADA resuming its upward trend around April.”

On his targets for Cardano, Martinez says that a correction of around 25% possibly awaits the ninth-largest crypto asset by market cap on the way to hitting a new all-time high.

“This pattern continuation could potentially lead to an upswing toward $0.80, a brief correction to $0.60, then $7!”

Cardano is trading at $0.499 at time of writing, about 1,302% below the target of $7.

Next up is XRP. Martinez says that he is bearish on the sixth-largest crypto asset by market cap and is anticipating a potential drop of over 30% from the current level.

“XRP is currently grappling to maintain its footing at the crucial $0.55 support level. Should this support fail to hold, be prepared for a possible sell-off scenario that could see XRP descending toward $0.34!”

XRP is trading at $0.551 at time of writing, about 38% above Martinez’s potential downside target of $0.34.

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Original source: The Daily Hodl