The Cardano (ADA) price has recently fallen, dropping to around $0.58 amid a broader market sell-off. But don’t count ADA out just yet—some experts believe it’s about to make a comeback—big time.
ADA to hit $1.70, If
Crypto analyst Ali Martinez remains optimistic, predicting a significant surge in ADA’s price shortly. Initially made in mid-March, the analyst’s bullish forecast draws upon historical patterns and current market dynamics to anticipate a potential rally of over 300% for ADA. He notes striking similarities between Cardano’s current trajectory and patterns observed from 2018 to 2021. Moreover, he is sure that ADA’s consolidation between $0.55 and $0.80 shows a big rise that will eventually take its value to $1.70.
Martinez’s recent updates support this positive outlook, pointing out that ADA’s current situation is exactly what was expected, making the expected breakout to $1.70 even more certain. Martinez stresses how important past cycles were in shaping his predictions by using accumulation trends shown on ADA’s price chart. Notably, he talks about Cardano’s rise in late 2010, after a 115-day accumulation phase, which led to an amazing 3,217% recovery that reached a high point of $3.
Experts believe in ADA’s Prowess
Despite the criticism and ADA’s poor performance compared to other altcoins, Input Output Global Inc. co-founder Charles Hoskinson defends Cardano’s unmatched scalability, governance, and innovation. According to Hoskinson, in a “rebalancing” decision, Grayscale Investments pulled ADA from its Crypto Large Cap Fund. However, some critics see this as a sign of Cardano’s collapse, although Hoskinson remains optimistic about its progress.
While ADA’s current performance may not match the gains seen in 2021, Martinez and Hoskinson remain optimistic about ADA’s prospects, highlighting its resilience and promising market dynamics. Investors are advised to buckle up for potential volatility in ADA’s price, with Martinez’s bullish prediction signaling a triple surge.
Meanwhile, analyst Chris O predicts that the cryptocurrency market will double during this bull run, reaching $6-$7 trillion. He also has a bullish outlook for Cardano (ADA), anticipating its price to reach $6.66 to $7.77.
So, what does all this mean for investors? It’s a good reminder that the crypto market can be unpredictable. But for those who believe in Cardano’s potential, now might be a good time to keep an eye on ADA and see if the expert’s prediction comes true.
