Analyst Says Cardano Could Smash $1.31 ADA Price if Bulls Make This Move
The road ahead looks promising for altcoins despite key players reiterating uncertainty about the possibility of an altcoin season unfolding this year. Notably, Cardano has emerged as one of the most...
The road ahead looks promising for altcoins despite key players reiterating uncertainty about the possibility of an altcoin season unfolding this year. Notably, Cardano has emerged as one of the most promising alternative cryptocurrencies at this time, with technical indicators suggesting a prolonged price rally.
As Bitcoin corrects upwards and attains a new all-time high, altcoins appear to be following suit, trading in green over the past week. Cardano’s ADA is one among a handful of altcoins taking the bullish pathway. With a potential for more upside movement, one analyst is outlining a bullish scenario for the altcoin—a price rally to never-before-seen levels.
Taking to X to make the bold price forecast, prominent analyst Ali_Chart shared a technical chart displaying ADA’s current movement pattern. After hitting an intraday high of $0.74 on Thursday, the altcoin began trading above $0.80 on Friday, with a 3.95% gain achieved over the last 24 hours.
According to the analysts’ outlook, ADA is poised to test the $1.31 resistance level, but a daily close above the $0.85 price mark is crucial for the ball to begin rolling, he remarked.
At report time, ADA is trading at $0.81 per coin, with a 24-hour trading volume and market cap value soaring by 63% and 4%, respectively. Although today’s closing price has yet to be seen, a close above these levels could signal strengthened momentum among ADA bulls.
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Notably, ADA’s recent performance, like that of a handful of altcoins, coincides with Bitcoin’s recent price action. Furthermore, the current uptrend has reignited conversations about the arrival of the highly anticipated altcoin season.
A week ago, only about 30 altcoins outperformed Bitcoin; however, at the time of this report, according to data from CoinMarketCap, 50 altcoins are outperforming the apex cryptocurrency—20 more altcoins must follow suit for altcoin season to officially kick off.
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