Can The ADA Price Climb Above $20 In The Bull Market? Analyst Provides Answers
November 06 2023 - 11:00AM
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The ADA price has always performed incredibly well in the bull
market cycles with price rallies that have put millions of holders
in profit in the past. However, like any other cryptocurrency, it
can be hard to pinpoint how high the price will climb in the next
bull market. Nevertheless, one crypto analyst is taking the bull by
the horns to reveal where they expect the altcoin’s price to reach
in the next bull market. ADA Price Could Rise As High As $24 In an
analysis posted to TradingView, crypto analyst masoud_paydarsani
outlines how the ADA price could rise to double-digits. First, the
analyst points to Cardano’s ADA token being a long-term upward
channel on the weekly time frame, albeit a rather slow uptrend.
Related Reading: Shiba Inu Whales Bet Big As Shibarium Grows – Road
To $0.1? However, this does not invalidate its bullish tendencies,
especially when it comes to ADA repeating its previous bull market
cycles. Masoud points to the fact that the past crypto market
cycles saw approximately 108 weeks of the bear market before 66
weeks of the bull market, and it is within these 66 weeks that ADA
shines. Source: Tradingview.com The analyst believes that if the
upward channel is validated, then the next ADA bull run could turn
out like the rest. Using the previous performances of the altcoin,
eg, the run-up in the year 2021, the ADA price could rise to as
high as $24 following the same trend. Also, going by historical
performance, the crypto analyst reveals that this could happen
sometime in the next 66 weeks. So it could lead up to 2025 before
this rally is complete. Being Bullish For ADA Above $20
Interestingly, the expectation for the ADA price to cross the $20
mark is not unique to Masoud alone. Another crypto analyst,
@LucidCiC on X (formerly Twitter) also believes that this
double-digit level is possible for ADA. Related Reading: Why This
Fidelity Investments Director Believes Bitcoin Is ‘Exponential
Gold’ Lucid actually has an even higher price target for the
altcoin compared to Masoud. Where Masoud sees the ADA price
reaching $24, Lucid’s forecast goes as high as $30. Lucid compares
Cardano to the Ethereum network which was able to reach a $500
billion market cap despite going through multiple hurdles. Given
this, the analyst believes Cardano will also be able to rise as
well while expecting the crypto market cap to cross $10 trillion in
a decade. Cardano is also seeing a good amount of interest from
institutional investors. Grayscale Investments, the company behind
the largest Bitcoin trust in the world, recently announced new
crypto indices featuring ADA in response to this rising interest.
If these large investors continue to double down on their
investments, this newfound inflow could drive the price to the
double-digit mark predicted by the analysts. ADA recovers above
$0.34 | Source: ADAUSD on Tradingview.com Featured image from VOI,
chart from Tradingview.com
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