The ADA price has consistently exhibited strong performance during bull market cycles, characterized by significant price rallies that have resulted in substantial profits for numerous holders in previous instances.
Nevertheless, akin to its counterparts within digital currencies, ascertaining the precise extent to which the price shall ascend during the forthcoming bullish phase can pose a challenge. However, a crypto analyst has provided insights into the anticipated price trajectory of the altcoin during the impending bullish market.
The ADA Price May Reach $24
In a comprehensive analysis shared on the TradingView platform, the esteemed crypto analyst masoud_paydarsani presents a compelling argument regarding the potential for the ADA price to experience a substantial increase, potentially reaching a value in the double-digit range.
The analyst highlights the ADA token of Cardano as exhibiting a long-term upward channel on the weekly time frame, albeit characterized by a gradual upward trajectory.
Nevertheless, it is essential to acknowledge that the observation above remains the significance of ADA’s bullish inclinations, particularly its propensity for replicating past cycles of market upswings. The statement made by Masoud highlights the historical pattern observed in previous cycles of the cryptocurrency market.
It is noted that there has been an average duration of approximately 108 weeks characterized by a bearish market sentiment, followed by a subsequent period of roughly 66 weeks marked by a bullish market sentiment. Within this latter phase, ADA, the cryptocurrency under consideration, demonstrates notable performance.
Top 5 Cryptocurrencies Today:
| Name | Price | 24H (%) |
|---|---|---|
Bitcoin
(BTC)
| $29,078.00
| -3.19% |
Ethereum
(ETH)
| $1,948.11
| -4.71% |
Tether
(USDT)
| $1.00
| -0.03% |
BNB
(BNB)
| $295.60
| -1.51% |
Cardano
(ADA)
| $0.51
| -10.30% |
>> Invest In Cryptocurrencies Now!
According to the analyst’s assessment, the validation of the upward channel may result in a trajectory for the next ADA bull run that aligns with previous occurrences. Based on historical data about the altcoin’s past performance, notably its notable surge in the year 2021, there exists the potential for the ADA price to ascend to a maximum value of $24, should the prevailing trend persist.
Based on an analysis of historical performance, the crypto analyst posits that this occurrence might transpire within approximately 66 weeks. Based on the current trajectory, this rally’s culmination may extend until 2025.
Having a Bullish Attitude Towards ADA Above $20
It is worth noting that the anticipation of the ADA price surpassing the $20 threshold is not exclusive to Masoud as an individual. According to another crypto analyst, @LucidCiC, on X (formerly Twitter), there exists a belief that ADA may potentially reach a double-digit valuation.
According to Lucid’s analysis, the altcoin possesses a price target that surpasses Masoud’s projection. According to Masoud’s analysis, the projected value for ADA is anticipated to reach $24, while Lucid’s forecast suggests a potentially higher valuation of up to $30.
Lucid presents a comparative analysis between the Cardano and Ethereum networks, highlighting the latter’s notable achievement of attaining a market capitalization of $500 billion despite encountering various challenges along its trajectory. Based on the analysis, Cardano can potentially experience a noteworthy increase in value. Furthermore, it is anticipated that the overall market capitalization of the cryptocurrency market will surpass $10 trillion within a timeframe of ten years.
Cardano has garnered notable attention from institutional investors as well. Grayscale Investments, the esteemed entity responsible for managing the most extensive Bitcoin trust globally, has recently divulged its latest development in novel cryptocurrency indices.
These indices have been meticulously curated to incorporate ADA, a prominent digital asset, in direct response to the escalating demand observed within the market. As industry analysts anticipate, should the aforementioned substantial investors persist in intensifying their investment endeavors, the resultant influx of capital can propel the price toward the projected double-digit threshold.
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