Market Analysts Projects 2095% Upsurge for Cardano As Peak Price Target for This Bull Run
thecryptobasic.com 26 July 2024 09:45, UTC Cardano could rally by 2,095% to its peak price target for this bull run, according to Altcoin Daily, the crypto market show run by analysts Aaron and Austin Arnold.
The official Altcoin Daily X account disclosed this while presenting projected peak price targets for different assets during this bull run. All the targets represent massive spikes from the current positions, but Cardano’s projected growth was one of the most ambitious.
My 2025 BULL RUN PEAK PRICE TARGETS! #crypto$BTC – 120,000$ETH – $8,800$SOL – $720$LINK – $120$BNB – $1800$ICP – $460$TAO – $2,100$ADA – $9$INJ – $220$RNDR – $80$DOT – $99$ONDO – $12$XRP – $5$DOGE – $1.90$TON – $35$AVAX – $350$TRX – $2$NEAR – $130$PROPY -…
— Altcoin Daily (@AltcoinDailyio) July 24, 2024
According to the analysts, Cardano has the potential to surge to a lofty $9 price as its peak value for the ongoing bull run. Earlier this month, analyst Ray predicted ADA to reach $9. This price would mark a new all-time high for ADA, representing a 190% rise from the September 2021 peak of $3.1.
Cardano’s Previous Bull Run
Moreover, the $9 price target represents a significant 2,063% increase from Cardano’s current price of $0.4170. While this upsurge might seem overly ambitious, it bears mentioning that ADA has recorded much greater rallies in the past.
For instance, before the previous bull run took shape, Cardano faced a downtrend, collapsing to a low of $0.0177 in March 2020. However, as buying pressure emerged, ADA rode on the market uptrend to reach the $3.1 ATH in September 2021. This marked a massive 17,414% increase in 17 months.
Notably, the projected 2,063% rally is over 8x less than Cardano’s upsurge in the previous bull run. However, ADA might face greater resistance during this bull market as a result of two factors.
The first factor is its larger circulating supply now, currently at 35.899 billion tokens. At the current circulating supply, a $9 price would lead to a $323 billion market cap. Meanwhile, the second is a trend of altcoin dispersion, identified by analyst Miles Deutscher. This trend shifts capital to multiple other altcoins as the market faces saturation.
Cardano Records Similar Bullish Setup
Despite the potential roadblock, the Cardano monthly chart points to a pattern that could bolster ADA’s chances of a rally. During the previous cycle, Cardano broke out of a 25-month symmetrical triangle when it spiked to $0.09 in June 2020. After a few months of retesting the upper trendline, ADA eventually spiked to $3.1.
Riding on the pre-bull run rally, ADA initially spiked 167% from $0.25 in September 2023 to $0.64 in January 2024. This rally helped Cardano break out of a similar symmetrical triangle that has persisted since September 2021. Now, ADA is retesting the upper trendline, reminiscent of the previous bull market’s pattern.
Meanwhile, besides Cardano, Altcoin Daily also projected peaks for other assets. They expect Bitcoin (BTC) to hit $120,000, a mere 79% rise from current prices. In addition, they predict Ethereum (ETH) to rise 170% to $8,800. As for Solana (SOL) and XRP, Altcoin Daily set targets of $720 and $5, respectively marking rallies of 306% and 733%.
