TL;DR
Cardano’s native cryptocurrency has flashed green in the past few days, currently trading at approximately $0.46 (per CoinGecko’s data). One analyst who noted the recent progress is the X user, JAVON MARKS.
The trader believes that ADA‘s current state might be mimicking that of 2021. Back then, the asset’s value retraced substantially before skyrocketing to an all-time high of almost $3.
The analyst predicted that the scenario may repeat at a larger scale in the near future, setting a target of $7.80 or a whopping 1,500% increase.
Such a price explosion would require ADA’s market capitalization to reach a staggering $260 billion. Currently, the market cap stands at around $16 billion, making the forecast highly optimistic, to say the least.
Another crypto analyst who envisioned a bright future for Cardano’s token is Trend River. He claimed that bears have tried their best to push the price down but eventually “will get tired,” which may result in a bull run.
The X user Ali Martinez is also among those who chipped in. Nearly a month ago, he suggested that ADA’s price was “exactly where it should be,” envisioning a surge towards $1.70. Recall that back then, the asset was in a much better position, trading at over $0.55.
Earlier this year, the analyst argued that ADA seemed ready to mirror its previous bull cycle, which could lead to a “parabolic” peak of $10.
Those curious to explore additional price forecasts, feel free to take a look at our dedicated video below:
