Ethereum
Crypto Trader Says Ethereum’s Main Rival Is Poised for a Massive Bull Run, Updates His Outlook on Bitcoin
A closely followed crypto strategist believes that an Ethereum (ETH) the competitor is ripe to witness strong upward surges.
Trader Ali Martinez tell his 61,400 followers on social media platform X that he is bullish on Cardano (ADA).
According to the analyst, ADA “seems poised for a parabolic bull run” after seeing its value drop around 50% over the past month. Martinez points out that in 2020, Cardano experienced a correction of over 50% before embarking on a vertical rally.
“In 2019, Cardano consolidated within a parallel channel, signaling the end of the bear market.
After the stagnation phase, ADA broke out of the channel with a 75% rise, then underwent a 56% price correction, paving the way for an impressive 4,095% bull run.
Source: Ali Martinez/X
Martinez says a similar pattern could be playing out this time.
“Recently, in 2023, something similar happened! Cardano consolidated within a parallel channel, marking the end of the bear market. After this period of stagnation, ADA broke out of the channel with an increase of 72%.
Today, ADA underwent a 50% price correction, paving the way for an impressive bull run!
Source: Ali Martinez/X
Looking at the trader’s chart, he seems to predict that Cardano will appreciate by around 2,080% from current levels.
Cardano is trading at $0.467 at the time of writing.
As for Bitcoin (BTC), Martinez said that the Tom DeMark Sequential Indicator (TD) sends a bullish signal for the king of crypto.
Traders use the TD Sequential Indicator to predict potential trend reversals of tokens based on the closing prices of their previous 13 bars or candles.
Said Martinez,
“TD Sequential is showing a buy signal on the Bitcoin daily chart. He predicts a daily bounce of one to four candlesticks for BTC.
Source: Ali Martinez/X
Bitcoin is trading at $62,750 at the time of writing, up more than 6% over the past day.
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