Technical chart analyst Ali Martinez points out Cardano (CRYPTO: ADA) may be set for an impressive bull run like in 2019.
What Happened: In a May 3 thread on X, Martinez drew a parallel to the 2019 cycle when ADA consolidated within a parallel channel, signaling an end to the bear market.
Following the stagnant phase, ADA broke out of the channel with a 75% surge, underwent a 56% price correction, and then embarked on an impressive 4,095% bull run.
Martinez’s analysis is based on a buy signal presented by the TD Sequential, a technical indicator that previously timed the peak of Cardano. The buy signal suggests a potential rebound in the form of one to four daily candlesticks, which could indicate the end of Cardano’s corrective phase.
Price Action: At the time of writing, ADA was trading at $0.4638, up 2.1% over the past 24 hours.
Why It Matters: Cardano has been in a corrective phase, with a monthly drop of around 19% after reporting a one-year surge of 22%. This phase is often seen as a healthy part of a market cycle, allowing prices to consolidate before potentially moving higher.
Martinez reminds investors that while history may not repeat itself, it often rhymes, and the recent price correction might be one of the last buy-the-dip opportunities for ADA.
What’s Next: The influence of altcoins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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