A closely followed crypto strategist believes that one Ethereum (ETH) competitor is ripe to witness steep bursts to the upside.
Trader Ali Martinez tells his 61,400 followers on the social media platform X that he is bullish on Cardano (ADA).
According to the analyst, ADA “seems ready for a parabolic bull run” after seeing its value drop by about 50% over the past month. Martinez points out that in 2020, Cardano saw an over 50% correction before going on a vertical rally.
“In 2019, Cardano consolidated within a parallel channel, signaling an end to the bear market.
Following the stagnant phase, ADA broke out of the channel with a 75% surge, then underwent a 56% price correction, setting the stage for an impressive 4,095% bull run.”
Martinez says that a similar pattern may be playing out this time around.
“Recently, in 2023, something similar happened! Cardano consolidated within a parallel channel, marking an end to the bear market. Following this period of stagnation, ADA broke out of the channel with a 72% surge.
Now, ADA has undergone a 50% price correction, setting the stage for an impressive bull run ahead!”
Looking at the trader’s chart, he seems to predict that Cardano will appreciate by roughly 2,080% from current levels.
Cardano is trading at $0.467 at time of writing.
As for Bitcoin (BTC), Martinez says that the Tom DeMark (TD) Sequential indicator is flashing a bullish signal for the crypto king.
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.
Says Martinez,
“The TD Sequential presents a buy signal on the Bitcoin daily chart. It anticipates a one to four daily candlesticks rebound for BTC.”
Bitcoin is trading at $62,750 at time of writing, up over 6% in the past day.
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Generated Image: Midjourney