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.

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.”

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 ?