Analysts Spill the Beans on Why Cardano Is Ready to Skyrocket
Cardano’s ADA is down 3.11% over the past 24 hours, trading hands for USD $0.49 (AUD $0.76), a long way from its all-time high of USD $2.85 (AUD $3.89) in August 2021. But if the experts are to be believed, this price of well under a buck could be a real steal.
Technical and on-chain analyst Ali Martinez, roaming crypto-twitter under the moniker ali_charts, explained that if the current trends in ADA closely follow the patterns it showed in late 2020, it’s likely that ADA will undergo a period of consolidation extending up to April 2024. This phase of market stability is expected to lay the groundwork for Cardano’s next significant upward movement, signalling a potential bull rally in its valuation.
ADA to Hit USD $8 by 2025: Analyst Says
The crypto analyst forecasts that this optimistic scenario for Cardano’s price will fully unfold by the beginning of 2025.
Based on the chart provided, it’s suggested that the price of ADA could reach a new peak following its consolidation period in April 2024. Martinez has predicted a potential increase in ADA’s value to nearly USD $8 (AUD $12.32), an approximate 1,700% surge from its present level.
Cardano’s Fundamentals Remains Strong
On a more fundamental level, Cardano has always been about steady, thoughtful growth. It has copped its fair share of criticism for this, and has been labelled a ‘ghost-chain’ many times.
A recent report by crypto financial services firm K33 even encouraged readers to sell the ADA because “There’s nothing else going on in the Cardano Network than exchange transfers and a group of bagholders fabricating blockchain activity.”
But, that negative sentiment aside, there is actually a lot of buzz and development happening on Cardano. Cheeky Crypto, a YouTube channel with 156k subscribers highlighted this in their latest video.
They discussed in depth the strength and unique features of the Cardano network. Cheeky Crypto remains bullish on Cardano and given its large community and long-term time horizon it may well take a little longer for the price to move. In the meantime, investors could keep an eye on ADA’s price and see if the suggestion of USD $8 for ADA becomes a reality by 2025.