A renowned cryptocurrency industry analyst shared a bullish analysis in which he suggested a potential bull run for cryptocurrency Cardano (ADA) coming soon. The 11th largest crypto asset on the market showed a significant increase today, following the market's recovery, after experiencing a significant retraction in recent days, reflecting the general slowdown in the cryptocurrency market.
Ali Martinez based his bullish prediction on analyzing Cardano's MVRV index, noting that the last time this indicator fell below 22%, the Cardano cryptocurrency price experienced an increase of over 75%, suggesting the asset could soon skyrocket.
“The last time Cardano’s MVRV index fell below -22%, the price of $ADA soared by more than 75%. With the ADA MVRV index down -22%, we could see another impressive recovery!” he wrote.
The last time #Cardano's MVRV Ratio dipped below -22%, $ ISLANDS's price soared by over 75%. With the #ISLAND MVRV Ratio back under -22%, we could see another impressive rebound! pic.twitter.com/ABf0mp4pR4
— Ali (@ali_charts) April 19, 2024
At the time of publication, the cardano price it was quoted at US$0,4714 with an increase of 5.7% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$569.504.543. In the last seven days, ADA has seen a pullback in its price of 20.1%.
Analyst highlights Cardano's entry into the buying zone and predicts a peak of 1.300%
Cardano's (ADA) trajectory towards US$1 continues to encounter some obstacles, with the cryptocurrency experiencing a significant pullback in recent days, reflecting the general slowdown presented in the cryptocurrency market.
A recent analysis suggested that the Cardano is prepared for a significant breakout in its price. Cryptocurrency trading expert Alan Santana highlighted that the token is currently trading at a fraction of its potential. The analysis was shared in a publication on TradingView, on April 16.
In the analysis, the expert noted that 2023 was the year of recovery for Cardano. “Relief recovery and right now we are witnessing a correction that is set to produce a longer-term higher low and then a major bull market.”
