Cardano's price has rebounded after an initial 43% drop and is expected to break above $6. While other cryptocurrencies like XRP and Bitcoin (BTC) have seen significant gains in this bull market, Cardano (ADA) had a relatively muted price last year with high volatility. Nonetheless, analysts remain optimistic about ADA, emphasizing its potential for substantial recovery and new highs.
Cardano price target is $6
Renowned cryptocurrency analyst Ali Martinez shared a bullish forecast for Cardano's price on X (formerly Twitter), expecting it to soar to $6. The analyst compared the current price trend of ADA with historical patterns. He shared two parallel price charts of Cardano, depicting its price movements from 2018 to 2021 and from 2022 to 2025.
In the left chart, ADA trades within the horizontally accumulated area highlighted in the rectangular box before breaking through $0.14. After the breakout, Cardano's price retraced about 43.6%, with the significant drop bringing its value below the $0.1 mark.
As is common in cryptocurrencies, the significant price drop of Cardano laid a strong foundation for a substantial rise. After the sharp drop, this cryptocurrency started a significant price increase, reaching a high of about $3.08. This astonishing price increase represents an increase of over 4,095%.
In the right chart, Martinez identified a similar horizontal accumulation pattern between the bull market cycle of 2022 to 2023 this year. Subsequently, Cardano broke through to a new high of $0.8. After that, the altcoin experienced a decline of 42.65%, mirroring the crash of 2021.
Based on historical fractals, Martinez predicts that Cardano may soon initiate a second wave of increases, potentially mimicking its impressive price rise from 2021 within the next two to three weeks. Therefore, the analyst sets a bullish target for Cardano above $6, marking a substantial increase of 2,220.68%.
While historical patterns cannot predict future price movements accurately, they can provide insights into market trends, conditions, and other factors. Martinez's bullish forecast for Cardano's price relies on the assumption that it can replicate similar market behaviors and conditions during the rebound of the 2021 bull market.
ADA Price Analysis Update
As mentioned earlier, despite bullish sentiment spreading to other altcoins in the market, Cardano's price fell significantly last year. In the past few weeks, ADA seems to be recovering from a bearish trend, as CoinMarketCap data shows a 16% price increase over the past week. Cardano has also experienced a notable price increase over the past month, with an increase of over 10%.
Although its price has returned to the $1 mark, the momentum of ADA seems to be weakening, as the cryptocurrency has retraced, dropping 4% in the past 24 hours.
