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.
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.
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.
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.
Follow us on Twitter, Facebook, Telegram, and Google News
With the cryptocurrency market looking to enter the next bull market, Rexas Finance, or RXS,…
The crypto market has witnessed rapid growth in the past week, fueled by the Fed…
The cryptocurrency world has been buzzing with shifts in market trends, especially as some high-profile…
On October 22, 2024, the United States Court of Appeals for the Second Circuit issued…
Ripple and Avalanche are two of the surest bets for bullish returns in Q4, as…
ChatGPT has offered a bullish prediction for Ripple's XRP, suggesting a potential price increase of…