Cardano (ADA) Poised for a Parabolic Run; Details

A renowned cryptocurrency industry analyst shared a bullish analysis in which he suggested a potential bull run for cryptocurrency Cardano (ADA) soon. According to a technical analysis by Ali Martinez, the ADA cryptocurrency appears to be poised for a parabolic run in its price.

The expert highlighted that this could be a golden opportunity and that now could be the right time to buy the ADA dip. “Cardano looks ready for a parabolic run! Looking at historical trends, the 50% price drop that ADA faced last month could be a golden opportunity.”

According to the analyst’s observations, in 2019, Cardano consolidated itself in a parallel channel, signaling the end of the bear market and, after the stagnation phase faced, ADA managed to exit the channel with an increase of 75%, then passed for a 56% price correction, setting the stage for an impressive 4,095% bull run.

“Recently, in 2023, something similar happened! Cardano consolidated in a parallel channel, marking the end of the bear market. After this period of stagnation, $ADA exited the channel with a 72% increase. Now, ADA has undergone a 50% price correction, setting the stage for an impressive bull run ahead!” he highlighted.

For the expert, the recent price correction could be one of the last buying opportunities offered by the cryptocurrency. “History does not repeat itself, but it often rhymes! If this is the case with Cardano, we must position ourselves for what is to come, understanding that the recent price correction may be just one of the last buying opportunities that $ADA will give you.”

History doesn’t repeat itself, but it often rhymes!

If that is the case for #Cardanowe should be positioning ourselves for what’s coming, understanding that the recent price correction might just be one of the last buy-the-dip opportunities $ADA will give you. pic.twitter.com/wlKs7fNhb8

— Ali (@ali_charts) May 3, 2024

It is worth remembering that, on April 19, Ali Martinez shared a potential bull run for Cardano cryptocurrency. He based his bullish prediction on analyzing Cardano’s MVRV index, noting that the last time this indicator fell below 22%, the Cardano cryptocurrency price experienced an increase of over 75%, suggesting the asset could soon skyrocket.

“The last time Cardano’s MVRV index fell below -22%, the price of $ADA soared by more than 75%. With the ADA MVRV index down -22%, we could see another impressive recovery!” he wrote.

At the time of publication, Cardano’s price was quoted at US$0.4598 with an increase of 1.1% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$339,346,399. In the last seven days, ADA has seen a pullback in its price of 2.2%.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.