Wednesday, December 8, 2021

Top Analysts: Cardano (ADA) Could Revisit All-Time High Soon, Poised For 604% Price Surge

Over the past couple of days, ADA, the native token of the emerging smart contracts platform, Cardano, has been outperforming other cryptocurrencies in the market. This started following the announcement that stated that smart contracts functionality will go live on the blockchain in early September 2021.

According to a well-followed crypto trader, Kaleo, Cardano could experience a 604% surge in price in a matter of months, if Bitcoin (BTC) and Ethereum (ETH) continue to experience an upside trend.

Read Also: Michaël van de Poppe: Cardano (ADA) is ready For the Run to $5

The analyst pointed out that Cardano (ADA) could break out in a similar fashion to Tron-based digital currency, BitTorent (BTT). He said the cryptocurrency surged relatively 1000% from $0.001 to $0.01 between March and April 2021.

Kaleo tweeted, “In a world where BTC is $100K+ and ETH is $10K+, Cardano pulling a BTT wouldn’t surprise me.”

The top crypto trader is also bullish on Cardano (ADA) against Bitcoin (BTC) and believes it’s about to break a crucial long-term resistance.

Read Also: What Charles Hoskinson Said about the Possibility of Hacking Smart Contracts on Cardano Network

Cardano (ADA) Could Record New All-Time High Soon

According to another well-known pseudonymous crypto analyst identified on Twitter as Rekt Capital, flipping $2.30 resistance is crucial for Cardano’s quest to record a new all-time high.

Rekt Capital noted:

“The only major resistance left before a new All-Time Highs is the black level ahead (~$2.30).”

Another Twitter user identified as ‘Fidzcrypto’ has also noted that Cardano (ADA) is showing distinct cup and handle formation on the daily timeframe.

Read Also: ADA Surpasses $2 As Cardano Community Awaits Hoskinson’s Big Announcement about Smart Contract

According to Investopedia, the cup and handle pattern is considered a bullish signal, with the right-hand side of the pattern typically experiencing lower trading volume. The pattern’s formation may be as short as seven weeks or as long as 65 weeks.

At the time of writing, Cardano (ADA), which currently occupies the 3rd position in the market, is trading at $2.49, with a relatively 17% price upsurge in the last 24 hours.


Follow us on Twitter, Facebook, Telegram, and Download Our Android App

Tobi Loba
Tobi Loba is a passionate writer with over 3 million readers from all over the world. She graduated from a reputable university. She joined the crypto ecosystem about two years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects.

Related Articles

Latest Articles