By Mirroring BNB's Trend, Cardano Eyes Reclaiming the Psychological Threshold of $1

Cardano (ADA) is showing significant signs of reclaiming the psychological price of $1 if it follows in the footsteps of BNB.

Renowned market analyst Ali Martinez acknowledged, “If BNB is front-running the market, we should expect a similar price action for Cardano.”

Therefore, if this analysis is successful, ADA will return to the $1 price level.

With its uniqueness tied to its proof-of-stake (PoS) consensus mechanism called Ouroboros, Cardano verifies transactions by splitting them into smaller epoch chains, making the network infinitely scalable.

As a result, Cardano has become one of the sought-after blockchains in terms of development. 

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Is Cardano’s Parabolic Rally on the Horizon?

According to Martinez, Cardano might be experiencing the calm before the storm since, based on historical data, the ninth-largest cryptocurrency has all it takes to surge to the $15 zone.

The analyst pointed out, “Looking back at history, Cardano seems to be repeating the same pattern from 2020 to 2021 at a slower pace, which could soon lead to a parabolic rally.”

Martinez added that if ADA is able to sustain a close above $0.73, then the altcoin is in for an upswing.

At the time of writing, Cardano was hovering around the $0.782 zone, according to CoinGecko data.

Meanwhile, Cardano founder Charles Hoskinson recently suggested using the network as an audit layer for the U.S. Treasury’s $7 trillion budget.