A well-known expert in the cryptocurrency industry recently shared an optimistic analysis, suggesting that Cardano (ADA) may soon experience a bull run. Despite a recent downturn in the cryptocurrency market, Cardano, the 11th largest crypto asset, saw a significant increase today, indicating a potential recovery.
The bullish prediction by analyst Ali Martinez is based on his analysis of Cardano’s MVRV index. He pointed out that the last time this indicator dropped below 22%, the price of Cardano increased by more than 75%. Martinez believes that with the MVRV index currently at -22%, another impressive recovery could be on the horizon.
Martinez shared his findings on Twitter, stating, “The last time Cardano’s MVRV index fell below -22%, the price of $ADA soared by more than 75%. With the ADA MVRV index down -22%, we could see another impressive recovery!”
As of now, the price of Cardano stands at $0.4714, showing a 5.7% increase in the last 24 hours. The cryptocurrency has recorded a trading volume of $569,504,543 during this period. However, over the past week, ADA has experienced a 20.1% decline in its price.
Despite these recent setbacks, experts remain optimistic about Cardano’s trajectory. Analyst Alan Santana highlighted that the cryptocurrency is currently trading well below its potential and suggested that it is entering a buying zone. In an article on TradingView, Santana stated, “Relief recovery and right now we are witnessing a correction that is set to produce a longer-term higher low and then a major bull market.”
It is important to note that the views expressed by the author and individuals mentioned in this article are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies comes with the risk of financial loss.
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