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Cardano could rocket 150% with this pattern, says expert

Cardano could rocket 150% with this pattern, says expert

Recent months have brought a multitude of positive developments for the entire Cardano (ADA) ecosystem. The work done on the Plutus v1 and v2 networks has started paying off with the number of new smart contracts on the blockchain increasingly snowballing in recent months.

Additionally, the ADA token has, in the context of the ongoing and protracted crypto market rally, seen several brief yet massive surges that have led it to, cumulatively, rise more than 100% in price in the last 52 weeks.

Now, Cardano is poised for another significant surge that could see it rise more than 150%, according to the analysis posted on X by the prominent crypto expert, Ali Martinez.

Cardano poised for another massive rally

According to Martinez, ADA’s price chart pattern closely resembles the token’s performance between 2018 and 2021. 

The cryptocurrency started 2018 relatively high $1 in the rally following its 2017 release but the rally lost steam through the year meaning that ADA was, by December, down to $0.04. The following years, however, saw Cardano accumulate and, by September 2021, rise to an all-time high near $3.

Based on the historic pattern, ADA is likely to trade in the range between $0.55 and $0.80 in the coming weeks and is likely to then surge to $1.70, Martinez assesses.

The crypto expert also anticipates that should such a scenario come to fruition, Cardano will be well on its way toward another rally – this time towards a new all-time high of $5.

Cardano price chart

Cardano’s performance in recent months has been characterized by brief and significant rallies, followed by middling corrections and periods of accumulation which saw the token rise more than 100% over the course of 12 months, and a total of 10.85% year-to-date (YTD).

ADA YTD price chart. Source: Finbold

Additionally, while the last 30 days saw ADA rise 9.24%, the most recent performance saw a decline for the token and it is 11.48% in the red on the weekly chart and is up a relatively small 0.65% in the latest 24 hours of trading. Cardano’s price at the time of publication stands at $0.67.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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