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.

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 Martinezs graphic citing data from Glassnode, the Bitcoin MVRV pricing band was at around the 0.5 standard deviation earlier this week.

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.

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