Cardano

Optimism

Rise

While Cardano (ADA) faces bearish pressure with little signs of recovery, analyst Ali Martinez remains steadfast in his assessment that ADA could reach $9 this year. 
Cardano (ADA) has been grappling with bearish forces, setting lower lows reflecting a broader market trend. A month ago, ADA peaked at $0.8011 but tumbled roughly 30% to $0.5651. Over the last 24 hours, Cardano has declined by 2%, bringing its price to $0.5743. 
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Meanwhile, as ADA struggles to make an impression, Martinez asserts that the asset is right where it needs to be at the moment. In a recent update, Martinez stated that his Cardano forecast remains unchanged despite recent fluctuations. 
Short-term target for Cardano at $1.70 remains unchanged The latest update from the analyst follows his earlier commentary predicting ADA to consolidate between $0.55 and $0.80. Interestingly, this forecast held true as the asset never broke out of the projected range over the last 30 days. 
In the meantime, Martinez noted that a breakout from this consolidation zone could lead to ADA appreciating more than twofold. Specifically, the analyst speculated a short-term price target of $1.70. Considering the current price of $0.5743, the short-term target implies that the analyst expects ADA to surge by 196% soon. 
Long-term forecast at $9.50 remains unchanged Martinez’s bullish conviction on ADA stems from its recent behavior, mirroring prior explosive movements since late 2020. He presented a chart suggesting ADA remained in consolidation for 805 days from 2018 to 2020 before skyrocketing by 3,217% to its peak at $3.10 in 2021. 
According to the chart, a similar pattern has formed from 2021 to present, characterized by 532 days of consolidation. Using these historical data points and anticipating a repetition of ADA’s previous trajectory, Martinez predicts that weekly candles will propel ADA to rise by 2,084% to $9.51 by the end of this year. 
Interestingly, the $9.51 target reflects a revision from the analyst’s previous forecasts of $7 and $8. While Martinez remains steadfast in his singular figure for Cardano this season, other market observers assert a possibility of growth up to $11.

Analyst Confirms Optimism Regarding Cardano’s Rise to $9

Blocksays

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