Here's Why Cardano (ADA) Might be Gearing up for a 200% Price Rally (Analyst)

TL;DR

Most leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Dogecoin (DOGE), have experienced significant price revival in the past week. However, there are some exceptions, with Cardano’s ADA being one of those.

The asset’s valuation currently trades at $0.58 (per CoinGecko’s data), which is approximately the same level observed seven days ago.

The consolidation has not stopped some analysts from predicting a bright future for ADA, though. The popular X user Ali Martinez presented a chart, according to which the token’s price “is exactly where it should be.”

He claimed that ADA’s next move might be an explosion towards $1.70, as long as the valuation stays in the $0.55-$0.80 range.

Nothing has really changed for #Cardano. $ADA is exactly where it should be, consolidating in the $0.55 to $0.80 range before a breakout to $1.70! https://t.co/414rFQhxLf pic.twitter.com/Djx9YqOp7F

— Ali (@ali_charts) April 9, 2024

Previously, Ali Martinez maintained that the token seemed ready to mirror its previous bull cycle, which could lead to a “parabolic” jump to as high as $10.

Those willing to explore additional ADA price forecasts from other analysts, please check our dedicated video below:

Cardano’s native token made the headlines last month, becoming the top cryptocurrency by development activity at one point, outperforming leaders like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). It also enjoyed the highest amount of weekly engagements.

The same thing happened in January when ADA was placed first in that ranking, surpassing Polkadot (DOT) and Kusama Network (KSM).