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01/20/2024

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Top Analyst Expects Cardano Price To Climb $7, Here's Why.

Cardano (ADA), the eighth largest crypto by market cap, has been suffering due to the recent bearish downturn. However, the ADA community can be relieved since an analyst has made a bold prediction for the...

Top Analyst Expects Cardano Price To Climb $7, Here's Why.

Cardano (ADA), the eighth largest crypto by market cap, has been suffering due to the recent bearish downturn. However, the ADA community can be relieved since an analyst has made a bold prediction for the Cardano price. The crypto analyst expects ADA to surge past $7 in the upcoming bull run.

When Will Cardano Hit $7?

Ali Martinez, a crypto analyst with over 41K followers on X, expects the ADA price to achieve the $7 target as the crypto’s chart has been mirroring the 2020 trend. After experiencing a crash due to the COVID-19 pandemic, Cardano soared to an all-time high of $3.10 in September 2021.

Moreover, Martinez found a similar pattern in Cardano’s current consolidation phase. The 2021 bull run propelled Cardano’s price to gain about 3000%. Whilst, Martinez’s prediction suggests a 1,300% increase from the current price of $0.49.

Source: Ali Charts on X

The analyst noted that if history repeats itself, Cardano would witness an upward trajectory around March this year. Furthermore, he explained that this uptrend could lead to a surge to $0.80 followed by a pullback to $0.60. Moreover, he expects the ADA price to top the bull cycle at $7.

Earlier, on January 10, Martinez spotted a buy signal on the Cardano price chart. He noted that ADA has touched the Fibonacci 0.618 retracement level. He added, “Should this signal hold true, $ADA could break past the $0.55 resistance, potentially paving the way to higher targets at $0.69, and possibly even reaching $0.93.”

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However, the ADA price has failed to breakout from the resistance point due to significant declines lately. Moreover, it extended lower than the $0.50 mark, further distancing from the resistance level.

Also Read: Cardano (ADA) Gains Momentum as Next Big ETF Candidate

Cardano Price Today

ADA’s value has plunged by over 4% today, pushing the monthly losses to over 17%, which is huge. In addition, the crypto has tumbled more than 13% in the last seven days, registering new lows. At press time, the ADA price was down by 4.11% to $0.4993 on Friday, January, 19.

Whilst, the ADA market cap declined to $17.7 billion. On the contrary, the trade volume witnessed a phenomenal surge of 53.71% to $433.28 million. Earlier, the crypto soared past the $0.62 mark and attained a fresh 1-month high in the last week of December 2023.

Also Read: Cardano vs XRP: Which Coin Is Worth Investing In 2024 ?

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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