Markets
Market Analysts Predict 2095% Upside for Cardano, Maximum Price Target for This Bull Run
Cardano could surge 2,095% to reach its maximum price target for this bull run, according to Altcoin Daily, the cryptocurrency market show run by analysts Aaron and Austin Arnold.
The official Altcoin Daily X account revealed this by presenting the projected peak price targets for different assets during this bull run. All of the targets represent massive spikes from current positions, but Cardano’s projected growth was one of the most ambitious.
My Peak Price Targets for the 2025 Bull Run! 🎯 #crypto$BTC – 120,000$ETH – $8,800$SOL – $720$LINK – $120$BNB – $1800$ICP – $460$TAO – $2,100$ADA – $9$INJ – $220$RNDR – $80$POINT – $99$ONDO – $12$XRP – $5$DOGE – $1.90$TON – $35$AVAX – $350$TRX – $2$NEAR – $130$PROPIE -…
— Altcoin Daily (@AltcoinDailyio) July 24, 2024
According to analysts, Cardano has the potential to surge to a high price of $9, making it its peak value for the ongoing bull run. Earlier this month, analyst Ray predicts ADA will hit $9This price would mark a new all-time high for ADA, representing a 190% increase from its September 2021 peak of $3.1.
Cardano’s Previous Bull Run
Furthermore, the $9 price target represents a significant 2,063% increase from Cardano’s current price of $0.4170. While this increase may seem overly ambitious, it’s worth mentioning that ADA has seen much larger increases in the past.
For example, before the previous bull run took shape, Cardano faced a downtrend, crashing to a low of $0.0177 in March 2020. However, as buying pressure emerged, ADA took advantage of the market’s bullish trend to reach ATH of $3.1 in September 2021. This represents a massive increase of 17,414% in 17 months.
It is worth noting that the projected 2,063% rally is more than 8 times lower than Cardano’s rally during the previous bull cycle. However, ADA could face greater resistance during this bull market due to two factors.
The first factor is its larger circulating supply, currently at 35.899 billion tokens. With the current circulating supply, a price of $9 would lead to a market cap of $323 billion. Meanwhile, the second factor is a trend towards altcoin dispersion, identified by analyst Miles DeutscherThis trend is shifting capital to many other altcoins as the market faces saturation.
Cardano records similar bullish setup
Despite the potential blockage, Cardano’s monthly chart indicates a trend that could strengthen ADA’s chances of a rally. During the previous cycle, Cardano broke out of a 25-month line symmetrical triangle when it reached $0.09 in June 2020. After a few months of retesting the upper trendline, ADA finally reached $3.1.
Taking advantage of the rally preceding the bull run, ADA initially surged 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. Today, ADA is retesting the upper trendline, reminiscent of the pattern from the previous bull run.
Meanwhile, apart from Cardano, Altcoin Daily has also predicted spikes for other assets. They expect Bitcoin (BTC) to hit $120,000, a rise of only 79% from current prices. Furthermore, they predict Ethereum (ETH) to surge by 170% to $8,800. As for Solana (SOL) and XRP, Altcoin Daily has set targets of $720 and $5, marking gains of 306% and 733%, respectively.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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