$ADA: Analyst Forecasts 1,300% Price Rise for Cardano, Citing Historical Pattern

The price of the native token of smart contract platform Cardano, $ADA, could soon surge as much as 1,300% to trade at a new all-time high of $7 if history is to repeat itself for the cryptocurrency.

According to a post on the microblogging platform X (formerly known as Twitter) posted by popular cryptocurrency analyst Ali Martinez, Cardano’s current consolidation phase mirrors that of late 2020, when the cryptocurrency was trading at around $0.10 per token.

In 2021, Cardano witnessed a significant price surge amid a wider cryptocurrency market bull run, surging to the $2 mark before correcting to $1.12 by mid-2021. The cryptocurrency then kept on surging, to hit an all-time high near the $3 mark. Cardano’s price then started dropping amid a wider crypto bear market, and now trades at $0.5 per token.

#Cardano's current consolidation phase mirrors its late 2020 behavior. If history repeats itself, we might see $ADA resuming its upward trend around April. This pattern continuation could potentially lead to an upswing toward $0.80, a brief correction to $0.60, then $7! pic.twitter.com/RuRA2EDMNP

— Ali (@ali_charts) January 19, 2024

Per the analyst, if history repeats itself, ADA could resume its upward trend around April to hit $0.8 in the near future, before enduring a brief correction to $0.6. ADA’s price could then skyrocket to the $7 mark.

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Notably, investors have recently started increasing their bets on Cardano, with cryptocurrency investment products offering exposure to the cryptocurrency seeing significant inflows of $3.7 million over the past week while failing to keep up with the inflows seen for BTC, ETH, and multi-asset investment products.

Cardano-focused products likely outperformed most other altcoins when it comes to inflows over the token’s recent developments, which include it maintaining its top stop in cryptocurrency development activity after surpassing the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM).

Cardano has also been seeing its decentralized finance (DeFi) ecosystem grow steadily over time, with last year seeing a spike from around $50 million in total value locked to over $400 million. At the time of writing, it’s at $350 million.

Featured image via Unsplash.

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• Source: https://www.cryptoglobe.com/latest/2024/01/ada-analyst-forecasts-1300-price-rise-for-cardano-citing-historical-pattern/