Altcoin
Market analysts predict a 2095% increase for Cardano as the maximum price target for this bull run
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According to Altcoin Daily, the cryptocurrency market program hosted by analysts Aaron and Austin Arnold, Cardano could see a 2,095% increase to reach its maximum price target for this bullish phase.
The official Altcoin Daily X account made this known while presenting the expected peak price targets for several assets during this bull run. All targets represent massive spikes from current positions, but Cardano’s expected growth was one of the most ambitious.
My 2025 BULL RUN PEAK PRICE TARGETS! 🎯 #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 – $5$DOGETTO – $1.90$TON – $35$AVAX – $350$TRX – 2 dollars$NEAR – $130$PROPERTY -…
— Altcoin Daily (@AltcoinDailyio) July 24, 2024
According to analysts, Cardano has the potential to rise to a high price of $9 as the high point for the current bull run. Earlier this month, analyst Ray ADA is expected to reach $9This price would mark a new all-time high for ADA, representing a 190% increase from the 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 surge may seem overly ambitious, it is worth mentioning that ADA has seen much larger rallies 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, when buying pressure emerged, ADA rode the market’s uptrend to reach an all-time high of $3.1 in September 2021. This marked a whopping increase of 17,414% in 17 months.
Notably, the projected rally of 2,063% is more than 8 times lower than Cardano’s surge in the previous bull run. However, ADA may face more resistance during this bull market due to two factors.
The first factor is its current higher 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 is a trend of altcoin dispersion, identified by analyst Miles DeutscherThis trend is shifting capital to many other altcoins as the market approaches saturation.
Cardano records similar bullish setup
Despite the potential hurdle, Cardano’s monthly chart points to a pattern that could strengthen ADA’s chances of a rally. During the previous cycle, Cardano broke a 25-month period symmetrical triangle when it rose to $0.09 in June 2020. After a few months of retesting the upper trend line, ADA eventually rose to $3.1.
Riding the pre-bull rally, 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. Now, ADA is retesting the upper trendline, which is reminiscent of the previous bull market pattern.
Meanwhile, apart from Cardano, Altcoin Daily has also predicted spikes for other assets. They expect Bitcoin (BTC) to hit $120,000, a mere 79% increase from current prices. Additionally, 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 rallies of 306% and 733%, respectively.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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