The trajectory of Cardano's price from 2018 to 2021 suggests a similar pattern before a significant rally. Analysts forecast a long-term price target of $5 during the next bull run for ADA.

Despite a general market downturn, Cardano's native cryptocurrency ADA has faced selling pressure, dropping by 5% in the last 24 hours and currently trading around $0.58. The monthly decline of 20% has caused ADA to fall to the tenth position in the crypto rankings, underperforming compared to other altcoins.

Current Projections for Cardano's Price

A recent analysis by crypto expert Ali Martinez draws parallels between Cardano's current price action and a pattern observed from 2018 to 2021. Martinez suggests that if this repeating pattern continues, ADA could enter a consolidation phase within the $0.55 to $0.80 range in the coming weeks.

Following this period, Martinez anticipates a surge in ADA's price, targeting $1.70. Another consolidation phase is expected thereafter, setting the stage for a potential breakout towards the $5 mark.

It is likely that Cardano's price will experience a further decline to $0.55 before resuming its upward trend. ADA's sluggish performance this year has caused it to fall behind other altcoins such as Dogecoin and, more recently, Toncoin.

Defending Cardano Amid Criticism

In response to recent attacks on Cardano, co-founder Charles Hoskinson of Input Output Global Inc. has defended the protocol, highlighting its unparalleled scalability, governance, and innovation. Hoskinson emphasized Cardano's strengths and vibrant community in a post on the social media platform X.

Hoskinson's defense comes after Grayscale Investments removed ADA from its Crypto Large Cap Fund, describing it as a "rebalancing" move to reinvest in other components. While some critics view this as a sign of Cardano's decline, Hoskinson's statements contradict these notions, emphasizing Cardano's ongoing development and growth potential.