The price action of Cardano (ADA) over the past week is a story of two halves, with the token notching a new multi-month high early in the week only to crash by over 18% a few days afterward. This recent decline in ADA price reflects a broader bearish climate in the cryptocurrency market.
Interestingly, a renowned crypto analyst on the X platform has put forward an exciting projection for the price of Cardano over the coming months. This latest price analysis suggests that this latest price downturn will be short-lived, with a bullish future on the horizon.
Analyst Predicts Cardano Price To Surge By 670%
Popular crypto analyst Ali Martinez took to X to share his latest prognosis on the price of the Cardano token. According to the expert, the cryptocurrency’s current price action seems to be mirroring a pattern from 2018 to 2021.
A weekly chart showing ADA price movement between 2018 and 2024 | Source: Ali_charts/X
From the highlighted weekly chart, the ADA price only recently broke out of a consolidation zone, which looks like a replica of the 2018 – 2020 consolidation range. Having retested the upper boundary of the range, the token looks set for a price upswing.
However, Martinez expects the Cardano price to move horizontally between $0.55 and $0.80 over the coming weeks. This period of sluggish activity will then be followed by a rapid price upswing to $1.70, according to the analyst.
In his post, Martinez mentioned the possibility of a period of further price consolidation after the over 160% surge to $1.70. This is expected to “set the stage for a breakout to $5” for the Cardano price
This audacious projection represents an almost 700% surge for the ADA token from the current price point. From the highlighted chart, these bullish moves are expected to occur over the next few months in 2024.
ADA Price Overview
As of this writing, the Cardano token is valued at $0.6626, reflecting a steep 8.3% decline in the past 24 hours. The altcoin, like the general market, has been experiencing a significant amount of bearish pressure over the past few days.
This dip comes barely three days after ADA’s price hit $0.8, its highest level in nearly two years. According to data from CoinGecko, the value of cryptocurrency has dropped by more than 18% since then, with a 12% decline in its weekly timeframe.
Nevertheless, the Cardano token still ranks as one of the ten largest cryptocurrencies in the sector, with a market capitalization of over $23 billion.
The price of Cardano witnesses deep retracement on the daily timeframe | Source: ADAUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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Author: Opeyemi Sule
