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By Brian Njuguna - March 9, 2024
As positive crowd sentiment engulfs the crypto market after Bitcoin breached the all-time high (ATH) price of $69,000, Cardano (ADA) seeks to ride on this wave by mimicking its last bull run.
Taking on X, formerly Twitter, leading market analyst Ali Martinez pointed out that if this historical pattern saw the light of day, ADA could surge to the $10 price level.
Martinez noted, “Cardano seems to be mirroring its previous bullish cycle. If this pattern continues, we could witness a brief correction before ADA goes parabolic toward $10.”
Source: Ali Martinez
Cardano hit $3 during the last cycle after surging by more than 3,200%. Therefore, if ADA follows in these footsteps, Martinez believes the $10 price threshold will be in the offing as the eighth-largest cryptocurrency will have soared by more than 2,000%.
Since Cardano has broken out of a cup & handle formation that came to light in June 2022, ADA is likely to smash the $3 price level this cycle.
Based on CoinGecko data, Cardano has already recorded a 47.5% monthly surge, and increased network activity has played an instrumental role in this uptrend.
Specifically, ADA has been depicting strong network engagement and increased investor interest thanks to rising transaction volume and active daily addresses.
Cardano was hovering around the $0.7 level at press time, according to CoinGecko.
Top crypto analyst Dan Garmbadello recently echoed Martinez’s sentiments that Cardano was eyeing a parabolic movement since it had broken out of a major structure.
The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
Original article posted on the Zycrypto.com site, by Brian Njuguna.
Article re-posted on Markethive by Jeffrey Sloe
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