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TheCryptoBasic

01/24/2024

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Two Analysts Target 22x Cardano Rally to $11 this Season

Renowned crypto community figures have set their sights on Cardano (ADA), expecting an $11 price point for ADA in the anticipated bull run. Cardano (ADA) has recently become a focal point of interest, drawing...

Two Analysts Target 22x Cardano Rally to $11 this Season

Renowned crypto community figures have set their sights on Cardano (ADA), expecting an $11 price point for ADA in the anticipated bull run.

Cardano (ADA) has recently become a focal point of interest, drawing attention from notable market watchers such as Ben Armstrong and Dan Gambardello.

Cardano Could Hit $7 to $11

In a recent analysis on his YouTube channel, Armstrong disclosed his bullish prediction for ADA. Specifically, he set a target of $11.

Meanwhile, Armstrong failed to provide a detailed analysis supporting his $11 optimistic outlook. Instead, he arrived at the figure after referencing a previous Cardano analysis by renowned market watcher Ali Martinez.

Notably, Martinez foresees ADA clocking $7 in the peak of the coming bull season. He grounded his forecast on historical patterns, drawing parallels between the asset’s present market candlesticks and its trajectory in late 2020. 

Remarkably, ADA traded at $0.09699 in November 2020. Within a span of four months, it experienced substantial growth, surging over 1,200% to reach $1.3.

Martinez suggested that if historical trends repeat, ADA can potentially recommence its uptrend in April. While acknowledging the potential of periodic resistances along the way, the analyst argued ADA could ultimately clinch the $7 threshold.

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Building upon Martinez’s analysis, Armstrong set a bullish target for ADA at $11. Considering ADA’s current trading value of $0.47, reaching the projected threshold would require an impressive growth of 2,255%.

Similar Outlook

Meanwhile, Ben Armstrong is not the only one with this bullish sentiment. Well-known Cardano influencer Dan Gambardello had earlier projected that ADA could reach $11 at the height of the emerging bull season.

In contrast to Armstrong, Dan Gambardello offered more detailed insights into the rationale behind his $11 ADA outlook. He explained that Cardano has expanded its functionalities since the previous bull run.

He drew parallels in development between Ethereum and Cardano, suggesting that ADA might replicate the impressive run that ETH experienced during the last bull market. 

This comparison, combined with Cardano’s increased capabilities, contributed to Gambardello’s optimistic outlook for ADA reaching $11 during the peak of the upcoming bull market.

Cardano Current State

Cardano current chart
Cardano Chart | CoinMarketCap

ADA has tanked more than 23% from $0.6026 over the last 30 days amid the current bearish trend. Ultimately, the possibility of the asset charting a path to $11 this season remains to be seen.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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