Cardano Price is Undervalued, Will Reach $10 This Year!
The post Cardano Price is Undervalued, Will Reach $10 This Year! appeared on BitcoinEthereumNews.com. Well-known Crypto trader and strategist Justin Bennett has opined Cardano Price is still undervalued and the bull run is not over yet. Advertisement The trader...
Well-known Crypto trader and strategist Justin Bennett has opined Cardano Price is still undervalued and the bull run is not over yet.
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The trader took to Twitter to tell his 39,200 followers that ADA’s price has been moving sideways for six weeks, and this means the market doesn’t believe it’s overvalued at all.
A lot of people are trying to tell me $ADA is overvalued.
We’re in a crypto bull market. That means 99% of cryptos are or will be massively overvalued by conventional valuation models.
ADA moving sideways for 6 weeks tells me the market doesn’t believe it’s overvalued at all.
— Justin Bennett (@JustinBennettFX) April 10, 2021
He also tweeted that he has been accumulating Cardano as he thinks the recent consolidation is setting the platform up for a big breakout in the near future.
“Starting to build a sizeable ADA position. I’ve held some for a while but adding to it here. Anything between $1.10 and $1.30 is fair game…I don’t buy markets that are going vertical. I buy markets that went vertical recently and have since gone sideways for over a month. That’s a recipe for the next leg higher.”
Cardano (ADA) Price to Reach $10 by End of 2021
The trader goes on to place his prediction for the price by the end of 2021, he believes the token can 10X from its current prices and reach the $10 level.
While $10 is his conservative prediction, $20-$30 wouldn’t surprise him either he adds.
$ADA peaked at $1.18 during the last bull market.
The mid-point of this recent consolidation is $1.20.
Not a coincidence.
A 10x from the previous cycle peak is conservative. $BTC has never done less than 10x from peak to peak, and we know alts run hotter than #Bitcoin. pic.twitter.com/cPVDf3u4Ua
— Justin Bennett (@JustinBennettFX) April 10, 2021
Even though he has been ultra bullish of Cardano, he believes the bears are still in control until its price takes out a key level.
“The jury is still out on whether the bottom is in for ADA. Markets are flirting with some big support levels, and ADA remains below $1.50. As such, I have to respect the short term bearish scenario”.
At the time of writing, Cardano is trading at $1.49 with a 10.07% rise in the last 24 hours.
Source: https://coinpedia.org/altcoin/cardano-price-ada-will-see-massive-rally/
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