Cryptocurrency Trader Predicts Major Uptrend for Leading Ethereum Competitor, Provides Bitcoin Forecast Update
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An expert in cryptocurrency analysis has identified a potential competitor to Ethereum (ETH) that could experience significant price increases.
On social media platform X, analyst Ali Martinez informed his 61,400 followers that he has a positive outlook on Cardano (ADA).
Martinez observes that ADA, following an approximate 50% devaluation over the prior month, “appears poised for an exponential bull market.” He reminds us that after a similar decline in 2020, Cardano embarked on a steep ascent.
“Cardano was channeling in a sideways pattern in 2019, signaling a potential pivot away from the bearish trend.
After a stagnant phase, ADA exploded out of this range with a 75% jump, only to retrace by 56%, which preluded to an astounding 4,095% bull rally.”
Currently, Martinez suggests that the present scenario mirrors the previous pattern.
“In a recent development during 2023, Cardano again experienced a consolidation period within a similar parallel channel, suggestive of the bear market’s conclusion. Following the subdued period, ADA erupted with a 72% rally.
Following a correction by 50%, conditions are seemingly aligned for a significant bull market to unfold for ADA!”
Interpreting Martinez’s charts, it’s speculated that ADA might potentially appreciate by an estimated 2,080% from its current valuation.
At the moment of publication, Cardano’s price stands at $0.467.
Regarding Bitcoin (BTC), Martinez indicates that the Tom DeMark (TD) Sequential indicator has issued a bullish signal for the apex cryptocurrency.
The TD Sequential Indicator is a tool used by traders to predict price movement reversals, by analyzing the preceding 13 bars or candles’ closing prices.
Martinez comments,
“A buy signal on Bitcoin’s daily chart has emerged from the TD Sequential. This predicts a brief rally of one to four days for BTC.”
Bitcoin’s current trading price is $62,750, having climbed over 6% in the previous day.
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Image Courtesy: Midjourney
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