Cardano Price Forecast: Can ADA Rally 3000% to Reach $15?
Cardano’s price may jump to $15 if historical trends play out again. The ecosystem is exploring new partnerships that may draw in additional liquidity. Cardano (ADA), currently ranked the ninth-biggest...
- Cardano’s price may jump to $15 if historical trends play out again.
- The ecosystem is exploring new partnerships that may draw in additional liquidity.
Cardano (ADA), currently ranked the ninth-biggest cryptocurrency by market capitalization, is trading low but performing well amid market volatility. Given this and the appearance of bullish patterns, analysts predicted that ADA could see a 3,000% price surge to $15.
ADA Following Historical Bullish Pattern
Cardano, which traded amongst the top performers in the 2021 bull run, has shifted to be bearish over the past few years. Price prediction for ADA is quite controversial because of the numerous factors influencing its performance.
However, popular on-chain analyst Ali Martinez recently offered a different perspective in an X post, hinting at ADA hitting $15 soon. In his post, Matinez shared a chart showing ADA moving through a historical pattern that produced a parabolic rally.
The analyst emphasized that ADA could see a massive 3,000% rally if the price follows the same pattern formed in 2021. ADA’s price jumped from barely $0.12 to an amazing $4 back then. However, it is essential to mention that this rally took around a year, with a minor consolidation phase in between.
Now, back to the current outlook, the price chart reveals ADA is entering an accumulation phase. ADA experienced a similar pattern between 2020 and 2021, which resulted in a breakout. Considering this outcome, analyst Martinez’s $15 target seems feasible.
Still, other factors could determine the possibility of ADA reaching the target. These include ADA’s current price movement, global crypto market sentiments, macroeconomic events, and how it returns from the accumulation phase.
As of this writing, ADA trades at $0.7618, up slightly by 1.8% in the last 24 hours. The market capitalization is pegged at $26.8 billion and a trading volume of $773 million, down 37.7% today. This decline and the 90% drop in the Cardano whale netflow indicate waning investor interest.
Some analysts anticipate a further decline if the price moves below the key support at $0.6589. Their sentiments align with many technical indicators that hint at a bearish outlook. However, a recovery above $0.8 could initiate an uptrend.
Current Cardano Ecosystem Moves
There are key events in the Cardano ecosystem updates that could help boost investors’ confidence in ADA. Chief among these is a potential Cardano partnership with Ripple Labs.
As we covered in our latest report, Cardano founder Charles Hoskinson hinted at the blockchain’s collaboration with Ripple’s RLUSD stablecoin. If this partnership pulls through, it could reshape the future of blockchain scalability.
Hoskinson confirmed ongoing talks between Cardano and Ripple’s leadership, including Brad Garlinghouse and David Schwartz.
Besides the RLUSD collaboration, Hoskinson hinted at a possible Cardano AI integration. As reviewed in a recent CNF publication, experts predicted that such integration could drive ADA’s value higher. They claim that increased demand for the ecosystem would likely push up the token’s price.
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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.
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