A cryptocurrency strategist who follows closely believes that one Ethereum (ETH) rival is poised to witness a steep rally.
Trader Ali Martinez says 61,400 followers on social media platform X say he is bullish on Cardano (ADA).
According to the analyst, ADA “looks poised for a parabolic rally” after losing about 50% of its value over the past month. Martinez points out that in 2020, Cardano saw a correction of more than 50% before embarking on a vertical upswing.
“In 2019, Cardano consolidated within a parallel channel, signaling the end of a bear market.
Following the stagnation phase, ADA broke the channel with a 75% surge followed by a 56% price correction, setting the stage for an impressive 4,095% bull run.”
Martinez says a similar pattern could emerge this time around.
“A similar thing happened recently in 2023! Cardano consolidated within a parallel channel, ending the bear market. After this stagnation period, ADA broke out of the channel with a 72% surge.
ADA has now undergone a 50% price correction, setting the stage for impressive strength ahead!”
Looking at the trader chart, it appears that Cardano is predicted to increase in value by approximately 2,080% from its current level.
Cardano is trading at $0.467 at the time of this writing.
Martinez for Bitcoin (BTC) Called The Tom DeMark (TD) sequential indicator is flashing bullish signals for the cryptocurrency king.
Traders use the TD Sequential indicator to predict potential trend reversals in tokens based on the closing prices of the previous 13 bars or candles.
Martinez says:
“TD Sequential presents a buy signal on the Bitcoin daily chart. For BTC, 1 to 4 candlestick bounces are expected per day.”
As of this writing, Bitcoin is trading at $62,750, up more than 6% in the past day.
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