Market analysts Aaron and Austin Arnold, hosts of the crypto market show Altcoin Daily, have projected a significant price surge for Cardano (ADA) in the current bull run. According to their analysis, ADA could rally by 2,021% to reach a peak price target of $9.
Cardano’s Previous Bull Run Performance
The $9 price target represents a significant 2,021% increase from Cardano’s current price of $0.42. While this growth might seem overly ambitious, it is important to remember that ADA has recorded much greater rallies in the past.
For instance, before the previous bull run took shape, Cardano faced a downtrend, collapsing to a low of $0.0177 in March 2020. However, as buying pressure emerged, ADA rode on the market uptrend to reach $3.1 ATH in September 2021. This marked a massive 17,414% increase in 17 months.
Potential Roadblocks
Notably, the projected 2,068% rally is over 8x less than Cardano’s surge in the previous bull run. However, ADA might face greater resistance during this bull market due to two factors. The first factor is its larger circulating supply now at 35.899 billion tokens.
At the current circulating supply, a $9 price would lead to a $323 billion market cap. Meanwhile, the second is a trend of altcoin dispersion, identified by analyst Miles Deutscher. This trend shifts capital to multiple other altcoins as the market faces saturation.
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Bullish Chart Patterns
Despite the potential roadblock, the Cardano monthly chart points to a pattern that could improve ADA’s chances of a rally. During the previous cycle, Cardano broke out of a 25-month symmetrical triangle when it spiked to $0.09 in June 2020. After a few months of retesting the upper trendline, ADA eventually spiked to $3.1.
Riding on the pre-bull run rally, ADA initially spiked 167% from $0.25 in September 2023 to $0.64 in January 2024. This rally helped Cardano break out of a similar symmetrical triangle that has persisted since September 2021. Now, ADA is retesting the upper trendline, mirroring the previous bull market’s pattern.
Besides Cardano, Altcoin Daily also projected peaks for other assets. They expect Bitcoin (BTC) to hit $120,000, a mere 77% rise from current prices. In addition, they predict Ethereum (ETH) to rise 169% to $8,800. As for Solana (SOL) and XRP, Altcoin Daily set targets of $720 and $5, respectively marking 294% and 734% rallies.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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