Crypto Analyst Sets $10 Price Target For Cardano As Volume Jumps 90%
May 10 2024 - 12:00PM
NEWSBTC
The stars may be finally aligning for Cardano (ADA) and its
holders, as the crypto token recently experienced a significant
reversal and a jump in its trading volume. Interestingly, this
development coincides with an ultra-bullish prediction that a
crypto analyst made for the crypto token. Crypto Analyst
Predicts Cardano To Rise To $9 Crypto analyst Altcoin Daily
revealed in an X (formerly Twitter) post that $9 is their peak
price target for Cardano in this bull run. The analyst joins other
crypto analysts who have made ultra-bullish predictions for Cardano
despite how low the crypto token is currently trading. Before now,
Dan Gambardello, the founder of Crypto Capital Venture, had
predicted that Cardano could rise to as high as $11 in this bull
run. Related Reading: CryptoQuant CEO Predicts Where Bitcoin Price
Is Headed, Is $265,000 Too Ambitious? Meanwhile, crypto expert
Jason Appleton predicted that Cardano will rise to as high as $32
in this bull run. Specifically, he mentioned that this will happen
at the peak of this market cycle. Altcoin Daily’s prediction comes
amidst Cardano’s 90% jump in trading volume. This suggests that
more investors are accumulating the crypto token ahead of this
parabolic rise. Cardano’s price already reacted positively to
this development, with the crypto token seeing a reversal from its
downtrend. Crypto analyst Trend Rider suggested that this reversal
might begin an upward trend for Cardano as he noted that the crypto
token was currently holding its support level very well. The
analyst also revealed that the bears were currently trying to push
the crypto token further down, but he claimed that they would get
tired once Cardano could hold this support for 1 to 2 more weeks.
Once that happens, Carano will bounce from its current price level,
Trend Rider remarked. Making A Bull Case For ADA Crypto
analyst Ali Martinez recently made a bullish case for Cardano. He
mentioned in an X post that the crypto token seems ready for a
parabolic bull run. Martinez alluded to Cardano’s historical trend
and explained why the 50% price drop the crypto token experienced
this past month might be a good buying opportunity. Martinez
claimed that Cardano consolidated within a parallel channel in
2019, signaling an end to the bear market. Following that “stagnant
phase,” ADA is said to have broken out of the channel with a 75%
surge and then experienced a 56% correction, setting the stage for
its 4,095% price gain in that bull run. Related Reading:
Bitcoin Whales Lose Interest, Is This A Precursor For A Crash To
$50,000? Martinez further noted that a similar situation looks to
be playing out again as Cardano has consolidated within a parallel
channel, marking an end to the bear market. ADA then broke out of
this channel with a 72% price surge following this period of
stagnation. Now, Cardano has experienced a 50% price correction,
just like in 2019, which Martinez remarked could be setting the
stage for “an impressive bull run ahead.” ADA price is still below
$0.5 | Source: ADAUSDT on Tradingview.com Featured image from
Watcher Guru, chart from Tradingview.com
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