A prominent cryptocurrency strategist believes that Cardano (ADA), a competitor of Ethereum (ETH), is poised for significant upward movement. Trader Ali Martinez, who has a substantial following on the social media platform X, expressed his bullish sentiment towards ADA. He noted that despite a recent 50% decrease in value, ADA appears ready for a parabolic bull run, citing historical patterns. In 2019, Cardano went through a period of consolidation within a parallel channel, signaling the end of a bear market. Subsequently, it broke out of the channel and experienced a 75% surge, followed by a 56% price correction, setting the stage for an impressive 4,095% bull run. Martinez suggests that a similar pattern is emerging in 2023, as ADA has consolidated within a parallel channel and recently broke out with a 72% surge. With a 50% correction in price, ADA is poised for another significant bull run. Martinez’s chart predicts that Cardano could appreciate by approximately 2,080% from its current levels. At the time of writing, ADA is trading at $0.467.

In addition to Cardano, Martinez also comments on Bitcoin. He highlights that the Tom DeMark (TD) Sequential indicator is flashing a bullish signal for the leading cryptocurrency. The TD Sequential Indicator is used by traders to predict potential trend reversals based on previous closing prices. Martinez explains that the indicator presents a buy signal on the Bitcoin daily chart, anticipating a rebound of one to four daily candlesticks for BTC. At the time of writing, Bitcoin is trading at $62,750, representing a more than 6% increase in the past day.

Please note that the opinions expressed in this article are not investment advice. Investors are advised to conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are conducted at the individual’s own risk, and any losses incurred are the responsibility of the investor. The article does not recommend buying or selling any cryptocurrencies or digital assets, and it is not an investment advisor. The Daily Hodl participates in affiliate marketing.