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01/22/2024

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Crypto Analyst Predicts Cardano Price Will Climb 2,000% To Reach $11 | Crypto Breaking News

Popular Crypto YouTuber Ben Armstrong has shared his bullish prediction for the Cardano (ADA) price. While giving his prediction, Armstrong also alluded to a recent ADA price prediction that crypto analyst...

Crypto Analyst Predicts Cardano Price Will Climb 2,000% To Reach $11 | Crypto Breaking News

Popular Crypto YouTuber Ben Armstrong has shared his bullish prediction for the Cardano (ADA) price. While giving his prediction, Armstrong also alluded to a recent ADA price prediction that crypto analyst Ali Martinez made. 

Armstrong’s Bull Case For Cardano Is $11

In a video posted on his YouTube channel, Ben Armstrong mentioned that his bull case prediction for ADA is $11. However, the crypto YouTuber didn’t share any analysis to back up his bullish sentiment. Instead, he only referred to an earlier ADA analysis that Martinez had shared as part of his prediction of ADA hitting $7. 

In his analysis, Martinez highlighted how ADA was currently mirroring its “late 2020 behavior.” He further elaborated on how ADA could hit $7 if history were to repeat itself. According to him, if that were to happen, then ADA would resume an upward trend in April, while a pattern continuation will ultimately lead to the crypto token hitting that price level. 

Meanwhile, Armstrong isn’t the only one who believes that the Cardano price could rise to as high as $11. Dan Gambardello, the founder of Crypto Capital Venture, had previously predicted that ADA would hit this price level at the peak of the next bull market. Unlike Armstrong, Gambardello provided deeper insights as to why he holds this belief. 

He explained how Cardano has more functionalities now, unlike in the previous bull run. This includes the features that have allowed the DeFi landscape on the network to grow since 2021. The analyst also highlighted similarities between Ethereum and Cardano’s development while hinting that ADA could mirror the run that ETH enjoyed in the last bull run. 

ADA Getting Ready For The Next Bull Run

Gambardello, who once hinted that the next bull run was going to begin after the Bitcoin Halving, recently noted in an X (formerly Twitter) post that the bottoming out structure for Cardano was getting reading for this event. He highlighted how ADA cools off prior to the Halving event. According to him, this is “so bullish for ADA” as it possibly prepares for a move to the upside. 

In the meantime, he hinted that ADA could experience a 30 to 40% move to the downside as it looks to consolidate with Bitcoin and the broader crypto market. Gambardello had previously mentioned that he wasn’t concerned by ADA’s price action and still wouldn’t be even if ADA were to drop below its current price level. 

At the time of writing, ADA is trading at around $0.49, down over 3% in the last 24 hours, according to data from CoinMarketCap

ADA price chart from Tradingview.com (Cardano crypto analyst)

ADA price struggles at $0.49 | Source: ADAUSD on Tradingview.com

Featured image from The Cryptonomist, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

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