A closely watched cryptocurrency strategist believes the time is ripe to see one of Ethereum's (ETH) competitors skyrocket.
Trader Ali Martinez To tell His 61,400 followers on social media platform X say he is bullish on Cardano (ADA).
The analyst said ADA “looks poised for a parabolic bull run” after its value has fallen by about 50% over the past month. Martinez noted that in 2020, Cardano saw a correction of more than 50% before turning vertically upward.
“In 2019, Cardano consolidated within the parallel channel, marking the end of the bear market.
After a plateau, ADA broke out of the channel with a 75% surge, followed by a 56% price correction, setting the stage for a staggering 4,095% bull run. ”
Martinez said a similar pattern could play out this time around.
“Recently, something similar happened in 2023! Cardano consolidated within the parallel channel and ended the bear market. After this period of stagnation, ADA broke out of the channel with a 72% surge. Ta.
Currently, ADA is undergoing a 50% price correction, setting the stage for a great bull market ahead. ”
Looking at the trader’s chart, it appears that he is predicting Cardano to rise around 2,080% from current levels.
At the time of writing, Cardano is trading at $0.467.
Regarding Bitcoin (BTC), Mr. Martinez To tell Tom DeMark (TD) Sequential Indicator Is Flashing Bullish Signals For Crypto King.
Traders use the TD Sequential Indicator to predict potential trend reversals in a token based on the closing prices of the past 13 bars or candlesticks.
Martinez says,
“TD Sequential is showing a buy signal on Bitcoin daily chart. BTC daily candlestick rebound is expected to be between 1 and 4.”
At the time of writing, Bitcoin was trading at $62,750, up more than 6% in the past day.
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