The stars may be finally aligning for Cardano (ADA) and its holders, as the crypto token recently experienced a significant reversal and a jump in its trading volume. Interestingly, this development coincides with an ultra-bullish prediction that a crypto analyst made for the crypto token.
Crypto Analyst Predicts Cardano To Rise To $9
Crypto analyst Altcoin Daily revealed in an X (formerly Twitter) post that $9 is their peak price target for Cardano in this bull run. The analyst joins other crypto analysts who have made ultra-bullish predictions for Cardano despite how low the crypto token is currently trading. Before now, Dan Gambardello, the founder of Crypto Capital Venture, had predicted that Cardano could rise to as high as $11 in this bull run.
Related Reading: CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious?
Meanwhile, crypto expert Jason Appleton predicted that Cardano will rise to as high as $32 in this bull run. Specifically, he mentioned that this will happen at the peak of this market cycle. Altcoin Daily’s prediction comes amidst Cardano’s 90% jump in trading volume. This suggests that more investors are accumulating the crypto token ahead of this parabolic rise.
Cardano’s price already reacted positively to this development, with the crypto token seeing a reversal from its downtrend. Crypto analyst Trend Rider suggested that this reversal might begin an upward trend for Cardano as he noted that the crypto token was currently holding its support level very well.
The analyst also revealed that the bears were currently trying to push the crypto token further down, but he claimed that they would get tired once Cardano could hold this support for 1 to 2 more weeks. Once that happens, Carano will bounce from its current price level, Trend Rider remarked.
Making A Bull Case For ADA
Crypto analyst Ali Martinez recently made a bullish case for Cardano. He mentioned in an X post that the crypto token seems ready for a parabolic bull run. Martinez alluded to Cardano’s historical trend and explained why the 50% price drop the crypto token experienced this past month might be a good buying opportunity.
Martinez claimed that Cardano consolidated within a parallel channel in 2019, signaling an end to the bear market. Following that “stagnant phase,” ADA is said to have broken out of the channel with a 75% surge and then experienced a 56% correction, setting the stage for its 4,095% price gain in that bull run.
Related Reading: Bitcoin Whales Lose Interest, Is This A Precursor For A Crash To $50,000?
Martinez further noted that a similar situation looks to be playing out again as Cardano has consolidated within a parallel channel, marking an end to the bear market. ADA then broke out of this channel with a 72% price surge following this period of stagnation. Now, Cardano has experienced a 50% price correction, just like in 2019, which Martinez remarked could be setting the stage for “an impressive bull run ahead.”
ADA price is still below $0.5 | Source: ADAUSDT on Tradingview.com
Featured image from Watcher Guru, chart from Tradingview.com