Cardano Price Eyes Breakout To $6 After Bouncing From 43% Drawdown
The Cardano price is targeting a bullish breakout to $6 after experiencing a bounce from its initial 43% downturn. While other cryptocurrencies like XRP and Bitcoin (BTC) recorded massive gains in this bull market, Cardano (ADA) maintained a relatively muted price last year, experiencing significant volatility. Despite this, analysts remain bullish on ADA, emphasizing its potential for a substantial price recovery and a surge to new ATHs.
Cardano Price Targets $6 ATH
Ali Martinez, a prominent crypto analyst on X (formerly Twitter), shared a bullish price prediction for Cardano, forecasting a massive surge to $6. The analyst compared the similarities in ADA’s current price movement to historical patterns. He shared two parallel price charts of Cardano depicting its price action from 2018 to 2021 and 2022 to 2025.
In the left chart, ADA traded within a sideways accumulation zone, highlighted by the rectangular box, before experiencing a breakout above $0.14. Following the breakout, Cardano’s price corrected by about 43.6%, a massive decline that pushed its value below the $0.1 mark.
As is often seen among cryptocurrencies, Cardano’s significant price crash established a solid foundation for a notable rally. After its substantial decline, the cryptocurrency initiated a significant price rally, reaching a peak of approximately $3.08. This remarkable price surge represented a gain of over 4,095%.
In the right chart, Martinez identifies a similar sideways accumulation pattern between 2022 and 2023 of this year’s bullish cycle. Following this, Cardano broke out to reach a new price high of $0.8. After this, the altcoin underwent a 42.65%, mirroring the crash in 2021.
Based on the historical fractal, Martinez predicts that Cardano could soon initiate its second leg up, potentially mimicking its impressive price rally in 2021 within the next two to three weeks. As a result, the analyst has set a bullish target for Cardano at above $6, marking a significant gain of 2,220.68%.
While historical patterns do not accurately predict future price movements, they can provide insights into market trends, conditions, and other factors. Martinez’s bullish prediction for the Cardano price relies on the assumption that it can repeat similar market behavior and conditions during its 2021 bull rally.
Update On ADA Price Analysis
As mentioned earlier, the Cardano price declined severely last year despite bullish sentiment spreading to other altcoins in the market. In the last few weeks, ADA seemed to be recovering from bearish trends, as CoinMarketCap’s data showed a price increase of 16% over the past week. Cardano also experienced notable price gains in the last month, rising by over 10%.
Although its price has reclaimed its $1 mark, ADA’s momentum seems to be fading, as the cryptocurrency has pulled back, recording a decline of 4% over the last 24 hours.
