Cardano (ADA) experienced a slight correction over the last 10 days, falling from a local high of $0.61 to its current value of $0.52. Crypto analyst Ali Martinez speculated that the decline may be short-lived and an explosive rise is imminent.
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ADA price: 1300% increase?
Martinez bases his prediction on a historical pattern. He compares ADA's current situation with that of 2020, in which ADA saw a significant increase from around $0.10 to a high of just over $3, an increase of 2,900%. The analyst believes that if history repeats itself, ADA could continue its uptrend in April. If the project experiences the same increase in value, which is very unlikely, this would mean a share price of around $15.
#CardanoThe current consolidation phase reflects the behavior at the end of 2020. If history repeats itself, perhaps we will see it $ADA It resumed its upward trend around April. This pattern continuation could potentially lead to a bounce towards $0.80, a short correction to $0.60 and then $7! pic.twitter.com/RuRA2EDMNP
– Ali (@ali_charts) January 19, 2024
Before the uptrend begins, Martinez expects a correction of around 25% to a valuation of around $0.40. With a further rise to $0.80 and a subsequent short correction to $0.60, the analyst then predicts a rise to $7. The question remains whether the sentence is realistic. This would represent an extremely high market capitalization of more than $250 billion, equivalent to competitor Ethereum (ETH). If the forecast comes true, there will be numerous opportunities for investors to benefit from the expected price fluctuations, which of course also involve risks.
Cardano is a leader in development activity
Cardano development activities did not slow down over the holiday season. According to data from blockchain analytics platform Santiment, Cardano maintains the leadership position in development efforts on GitHub as measured by proposed changes and new ideas. In an industry with more than 1,954 cryptocurrencies, the network recently knocked Polkadot (DOT) out of the top spot, followed by Avalanche (AVAX) and Internet Computer (ICP) rising in the rankings.
This shows that there is still a lot of building going on behind the scenes, and this is generally an indication of the good health of a network.
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