Trader Says Cardano Mirroring 2020-Style Price Action, Suggests ADA on Cusp of ‘Pump’ – Here’s His Outlook
Cryptocurrency analyst and trader Ali Martinez is leaning bullish on Cardano (ADA) amid a bounce in the market.
Martinez tells his 76,100 followers on the social media platform X that Cardano is currently “following a similar pattern to 2020” where it went up by approximately 4,095% in around 343 days.
“If history repeats, we might see a pump around November 18th — about two weeks after the US elections — and a potential market top by September 2025.”
Cardano is trading at $0.355 at time of writing.
Next up is Bitcoin (BTC). Martinez says that based on the Market Value to Realized Value (MVRV) pricing bands, Bitcoin could appreciate by around 16% from the current level over the short term. The MVRV is a ratio used to determine whether Bitcoin at any given time is undervalued or overvalued.
The MVRV pricing bands use standard deviations to signal the undervaluation or overvaluation of Bitcoin. A value of 1 standard deviation indicates a neutral market, a standard deviation value of below 1 indicates undervaluation while a level of above 1 standard deviation suggests overvaluation. Based on Martinez’s graphic citing data from Glassnode, the Bitcoin MVRV pricing band was at around the 0.5 standard deviation earlier this week.
“With Bitcoin pushing past $70,500, the next local top might be around $84,200, according to the MVRV Pricing Bands!”
Bitcoin is trading at $72,345 at time of writing.
The analyst also says Bitcoin could have a bullish phase over the next month based on history. According to Martinez’s graphic illustrating Bitcoin’s monthly returns over the past 11 years, the crypto king has closed higher than it opened in November 63% of the time since 2013.
“Moon-vember is just around the corner!”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Trader Says Cardano Mirroring 2020-Style Price Action, Suggests ADA on Cusp of ‘Pump’ – Here’s His Outlook appeared first on The Daily Hodl.
