- ADA could repeat history by breaking out around December and rallying in July 2024.
- Bulls have failed to break the bearish market structure as ADA risked falling from $0.246
- Alongside ADA, the value of SOL and other cryptocurrencies in the top 20 fell in the last 24 hours.
According to on-chain analyst and trader Ali Martinez, Cardano (ADA) could remain in the consolidation phase till July 2024. The analyst, who posted this prediction on X (formerly Twitter), noted that ADA’s current condition was similar to the 2018-2020 scenario.
#Cardano's current consolidation trend eerily mirrors the 2018-2020 phase!If history repeats, $ADA could stay in this consolidation phase until July 2024.
Barring unforeseen events like the COVID-19 crash, #ADA could break out as soon as December! pic.twitter.com/CNsulywN5z
— Ali (@ali_charts) October 12, 2023
Bullish In the Long Term
From the chart shared by Martinez, ADA experienced a severe downtrend for most of 2018. By the second quarter of 2019, the token broke out and went on a long rally. Currently, ADA exchanged hands at $0.246.
But in the last 90 days, the cryptocurrency price has decreased by 26.75% while t…
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