Analyst Predicts Cardano (ADA) Price Is Preparing for a Parabolic Run
Against the backdrop of cardano‘s (ADA) monthly bearish trend, a prominent crypto market analyst made an eye-catching post about X, injecting a significant amount of optimism into the 10th largest cryptocurrency by global market cap. In a post shared by crypto analyst Ali Martinez on May 3, it was emphasized that ADA is poised for a parabolic bull run based on historical trends.
Here is a detailed report on the analyst’s remarks, which seem to have created a sense of alarm among crypto market participants.
Ali Martinez Increases Optimism with Historical Trends
According to Martinez, in 2019, ADA exhibited a remarkable pattern in which the token’s price trajectory consolidated in a parallel range, signaling the end of the bear market. Simultaneously, the token witnessed a massive 75% price increase, accompanied by a 56% correction, paving the way for another impressive bull run.
A similar event in 2023 attracted significant attention; here Cardano consolidated in a parallel range, again marking the end of the bear market. Following this period of stagnation, ADA began a 72% price rally, followed by a 50% correction, setting the stage for another bull run.
These statements, which demonstrated the analyst’s unwavering confidence in ADA’s potential to deliver another round of significant gains to investors, attracted significant attention primarily due to the rationalization of historical data. However, it is worth noting that past performance does not always guarantee future movements in the turbulent environment of cryptocurrencies. The analyst further adds: “History does not repeat itself, but it often rhymes! ”
Meanwhile, Cardano traded in the green, in line with broader market trends.
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Cardano (ADA) Price Increases
As of writing, the price of the Cardano (ADA) token has increased by 1.93% in the last 24 hours and currently stands at $0.4632. Although the token’s derivatives data highlighted a negative sentiment, the analyst’s words further raised doubts in the crypto space and pointed to a potential shift in market sentiment.
Coinglass data showed that ADA’s open position decreased by 1.98% to $211.53 million, while derivative volume decreased by 28.39% to $349.67 million. This highlighted declining investor interest and market activity in the token and, in turn, questioned the existence of buying pressure in the market.
However, if the bulls gain control of ADA, a price increase will not only be possible but also imminent. Crypto market enthusiasts continue to monitor Cardano for further price action changes in the hope that events will develop in a positive direction due to analyst statements.
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