Market Analysts Predict Cardano to Surge by 2095% in Current Bull Run

According to Altcoin Daily, a crypto market show hosted by analysts Aaron and Austin Arnold, Cardano could rise by 2,095% in this bull run to reach its highest price target. The official Altcoin Daily X account disclosed the news while introducing the predicted maximum price targets of different assets in this bull run. All of the targets represent a massive surge from their current position to their highest point, but Cardano’s predicted growth is one of the most ambitious of them all.

According to analysts, Cardano has the potential to surge to highs of $9 during the ongoing bull run. Earlier this month, analyst Ray predicted that ADA would reach $9. This price would mark a new all-time high for ADA and represent a 190% gain since the high of $3.1 in September 2021.

Furthermore, this price target of $9 represents a significant 2063% growth from Cardano’s current price of $0.4170. While this surge may seem overly ambitious, it’s worth mentioning that ADA has recorded much larger gains in the past.

For instance, before the last bull run formed, Cardano faced a downtrend that dropped to a low of $0.0177 in March 2020. However, as buying pressure emerged, ADA rose to its all-time high of $3.1 in September 2021. This marks a massive increase of 17,414% in 17 months.

It is worth noting that the projected 2,063% gain is eight times less than what Cardano achieved during its last bull run. However, ADA may face greater resistance in this bull run due to two factors.

The first factor is its now much larger circulating supply, which currently stands at 3,589.9 million tokens. Based on the current circulating supply, the price of $9 would result in a market cap of $323 billion. Meanwhile, the second factor is the trend of token decentralization identified by analyst Miles Deutscher. This trend is shifting capital to multiple other tokens whose markets are facing saturation.

Despite the potential hurdles ahead, Cardano’s monthly chart points to a pattern that could improve ADA’s chances of moving higher. In the previous cycle, when Cardano surged to $0.09 in June 2020, it broke out of a 25-month symmetrical triangle. After a few months of retesting the uptrend line, ADA finally reached $3.1.

In the rally preceding the bull run, ADA initially surged 167% from $0.25 in September 2023 to $0.64 in January 2024. The rally helped Cardano break out of a similar symmetrical triangle that had persisted since September 2021. Now, ADA is retesting the uptrend line, reminiscent of the pattern from the previous bull run.

Like Cardano, Altcoin Daily also predicted tops for other assets. They expect Bitcoin (BTC) to reach $120,000 in $, which is just a 79% increase from the current price. Furthermore, they predict that Ethereum (ETH) will rise 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.

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