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Finbold

04/16/2024

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Opportunity? Cardano enters long-term buy zone ahead of 1,300% spike

Cardano’s (ADA) journey toward $1 continues to encounter obstacles, with the token experiencing a significant sell-off mirroring the broader cryptocurrency market downturn. Indeed, recent price movements have...

Opportunity? Cardano enters long-term buy zone ahead of 1,300% spike

Cardano’s (ADA) journey toward $1 continues to encounter obstacles, with the token experiencing a significant sell-off mirroring the broader cryptocurrency market downturn. Indeed, recent price movements have led to the token being dubbed a “zombie crypto” due to its perceived failure to make substantial progress.

Notably, in a TradingView post on April 16, cryptocurrency trading expert Alan Santana acknowledged that ADA is trading at a fraction of its potential. He highlighted that technical analysis suggests the token is primed for a significant breakout.

Santana’s insights stem from his observation of market trends. He pointed out that 2023 marked a recovery year for Cardano, characterized by a relief rally. However, he views the ongoing correction phase as not a setback but a precursor to a substantial uptrend. Santana anticipates the formation of a long-term higher low, signaling the onset of a major bull market for Cardano.

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ADA price analysis chart. Source: TradingView/AlanSantana

ADA’s next price target 

Regarding potential price targets, the analyst suggested that the decentralized finance (DeFi) token could surge beyond $7 in the next bull run, representing a price target reflecting a remarkable increase of over 1,300% from the current valuation.

Moreover, the analyst emphasized the importance of identifying the “buy zone” for investors looking to capitalize on Cardano’s long-term potential.

“We are expecting Cardano (ADAUSD) to go beyond $7 in 2025. It can even hit $8 or higher when the Cryptocurrency market enters its bull-market phase,” the expert noted. 

Amidst the projections, another crypto analyst, Ali Martinez, pointed out in early April that ADA was experiencing a slowdown in whale activity, signaling the potential for ADA price consolidation.

ADA whale transaction chart. Source: Santiment/Ali Charts

ADA has faced challenges recently, with the token losing its position as the tenth-largest cryptocurrency by market capitalization to Telegram-backed Toncoin (TON). The trajectory of ADA’s, much like XRP’s journey in this bull market, hasn’t captured traders’ attention as many other digital currencies have.

Besides technical analysis, ADA is also heavily reliant on development activity on the Cardano blockchain. Indeed, part of the development has seen the network record significant smart contract activity, amounting to 6,466 by the week ending April 12, while transactions have reached 89 million.

Cardano network development activity. Source: IOHK

ADA price analysis

At press time, ADA was trading at $0.45, having plunged by almost 7% in the last 24 hours. On the weekly timeframe, the token is down over 23%.

ADA seven-day price chart. Source: Finbold

In the meantime, for ADA to mount a formidable push in the bull market, the crypto should first demonstrate attempts to reclaim $1, as it will serve as a guide to further gains.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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