Cardano (ADA) Potential 10-12x Opportunity In This Cycle, Analyst Says

An outspoken Cardano analyst is boldly proclaiming that ADA will see a staggering 10-12x gain from its current price levels during this market cycle. A prediction that audacious might make plenty of investors roll their eyes in disbelief. However, for those steadfast hodlers who have cultivated the rare skill of patience, such optimism could prove to be a self-fulfilling prophecy.

$ADA will 10-12x from here in this cycle.🚀

Many of you will see this and brush it off.

90% of people lose money in crypto because they don’t stick it out. Be the 10% and be patient.

Food for thought. 💭#crypto #cryptocurrency #Cardano

— Cardano DApp ₳nalyst (@TheDAppAnalyst) March 12, 2024

According to the analyst, the harsh reality is that 90% of crypto investors lose money for the simple reason that they cannot bear the storms and are not determined enough to hold their assets. So, in order to be among the remaining 10%, you need to have a strong mind and teach yourself how to ignore the unending noise or panic that fills up trading floors.

In support of Cardano’s bullish theory and ADA lagging behind many cryptos even during a previous bull run, another analyst, Sssebi, thinks it likely that there is hope yet for the token. It seems like Cardano has been designed this way – it grows slowly until its impatient holders fall asleep, at which point it suddenly explodes into action.

Even last cycle, $ADA needed more time than other projects to start printing huge green candles.
It's just how $ADA does it's thing, it pumps alone and when it does, it absolutely destroys!

— Sssebi🦁 (@Av_Sebastian) March 12, 2024

Sssebi points to the telling price action around the $0.75 support level as evidence that ADA is cohering energy for its next burst higher. Each time the price dipped towards that key area, it was promptly bought up with fervor, reflecting robust buyer demand. These strong wicks signify that the buyers are firmly in control and eagerly accumulating at those discounted levels in anticipation of imminent liftoff.

Current Market Snapshot Of Cardano (ADA)

At press time, ADA is trading at $0.759808 after encountering resistance at $0.77 for the second time, failing to breach the psychologically important $0.80 level. Despite a 19.93% decline in 24-hour trading volumes to $970 million, the asset is still up 1.82% on the day and 4.51% over the past week. Cardano currently occupies the #8 market cap ranking on CoinMarketCap at $27 billion, with 35.5 billion coins in circulation out of a max supply of 45 billion.

Pointing to technical evidence, the analyst known as Trend Rider has also chimed in, stating that, in his view, ADA has entered the early phase of a new bull run. He references the Relative Strength Index (RSI), which has now gone overbought for the second time after a recent fakeout – a setup that mirrored the conditions preceding ADA’s explosive 2021 bull run. Of course, Trend Rider adds the caveat that this budding uptrend thesis will be invalidated if RSI closes back below the key 70 levels.

For those Cardano faithful who managed to hodl through the previous torturous bear market, perhaps the prospect of financial vindication and a return to crypto’s greener pastures is finally within grasp. The analysts are aligning, and the charts are cooperating – will you capitalize accordingly?

Related Reading | Crypto’s Soaring Fury: Treasury’s Wash Trades Ban, 30% Electricity Tax