According to cryptocurrency expert Ali Martinez, there’s an important signal in Cardano (ADA) that might lead to a significant price increase. His assessment suggests that the crypto asset could surge and potentially reach a value of up to $1.
Cardano Could Soon Experience A 75% Price Rally
In a recent post on X, previously known as Twitter, Martinez expressed that Cardano might experience a significant surge in value again based on its Market Value to Realized Value (MVRV) dropping below -22%. Previously, when the MVRV ratio dipped below this threshold, ADA‘s price increased by more than 75%. With Cardano’s current pricing, a similar increase would push it past the $1 mark.
Crypto expert Trend Rider has proposed a scenario where Cardano may reach a value of $1. This suggestion was made in a recent Reddit post, stating that this price point could be achieved within one to three months if the token successfully holds its current support at around $0.44. In an earlier Reddit post, he expressed optimism for Cardano’s bull market returning once its price surpasses $0.54.
It’s worth noting that Trend Rider has made the observation that if past trends are any indication, Cardano could potentially reach a price of $3. This prediction is based on the fact that in October 2020, the price of Cardano dipped to a low of $0.10 before experiencing a significant increase and reaching $3. With Cardano currently approaching what Trend Rider refers to as its “ultimate support test,” there’s a possibility that a similar price surge could occur once again.
The current support level established by Cardano seems to be preventing its crypto token, ADA, from experiencing a significant price surge that resembles a parabola. Analyst Alan Santana shares this viewpoint, suggesting that the token could drop as low as $0.34 to create a solid foundation for another bullish phase.
Not Yet Cardano Season
Dan Gambardello, the founder of Crypto Capital Venture, expressed his disappointment with Cardano’s current price, stating it is not yet “Cardano Time” for him. He remains optimistic that the crypto token will perform strongly in due time. However, ADA investors may need to be patient as Dan predicts that Cardano’s significant surge could still be several months away.
During this time, Gambardello disclosed that the price of Cardano could drop to the “lower 30s” due to ongoing fears of a war between Israel and Iran causing crypto markets to dip. However, there’s some good news from the analyst as he believes that once the fear subsides, ADA, along with other cryptocurrencies, may experience significant price increases.
Currently, Cardano is priced at approximately $0.49 during this writing session. There’s been a significant increase of around 9% within the past 24 hours based on information obtained from CoinMarketCap.
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2024-04-20 16:11