Market veteran says Cardano has laid the foundation for an exponential bull run to $9.9

Ali Martinez, a well-known cryptocurrency analyst, expects Cardano (ADA) to record a parabolic rise to $9.9 after the latest correction of 50%.

Cardano has not escaped the recent market bloodbath, hitting a major correction above the year’s high of $0.81. ADA hit a high of $0.8104 on March 14 as it rode Bitcoin’s (BTC) uptrend that lasted from October last year into the first quarter of this year.

However, Cardano has now fallen 43% from the $0.8104 high, breaking through multiple support levels and is trading at the $0.46 level. Despite the ongoing downturn, some market analysts remain confident in Cardano’s potential for a sharp recovery.

One of the analysts, Ali Martinez, recently analyzed Cardano’s price action and stated that it could be about to enter a parabolic rise that could reach a target of $9.9.

Historical Trends of ADA
Martinez’s analysis contrasts Cardano’s current market behavior with its historical trends. Citing data from an accompanying chart, he noted that the 50% drop in ADA’s price over the past month is similar to a pattern observed in 2019.

Notably, the price of ADA consolidated within a parallel channel between September 2018 and July 2020, demonstrating range-bound movement between support and resistance levels. This consolidation marked the end of the bear market at the time as the market gradually returned to a bullish sentiment.

After the consolidation phase, ADA experienced a surge, rising by 75%, and then a correction of 56%. Such corrections are often seen after strong price advances and often serve as a setup for further gains. Interestingly, this 56% correction took place in August and September 2020, bringing a staggering gain of 4,095% to ADA.

Cardano hopes to repeat its huge rally
Fast forward to 2023, and a similar pattern emerges again. Cardano is again consolidating between September 2022 and November 2023. ADA broke through the upper limit in December 2023 with a gain of 72%. However, it has now undergone a price correction of 50%. According to Martinez, this could set the stage for another major rally.

If Cardano follows its previous trajectory, the recent price correction could represent a golden opportunity for investors to buy ADA ahead of a potential bull run. The analyst predicts that ADA’s growth from a low of $0.409 to a new all-time high of $9.982 is imminent and will reach 2,489%.

Meanwhile, ADA is currently struggling to stay above the psychological threshold of $0.46 and is trading at $0.4644 at the time of reporting. Cardano is facing a huge resistance at the 20-day SMA ($0.4693), a breakout of this level has the potential to propel it above $0.50. On the other hand, the bulls must defend $0.4290 to stall any further downside attempts.

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