An analyst is making a bold prediction that the cryptocurrency Cardano ADA could surge over 1,767% to reach $7.92 per token. Ali Martinez said Cardano’s price chart looks similar to past cycles right before major rallies.
ADA is currently trading around $0.4893 after losing ground in recent weeks. However, Martinez said he sees signs in the price consolidation that mirror the run-ups in late 2018 and 2020.
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Back then, Cardano was trading between $0.034 and $0.08 for about 805 days. Eventually, it broke out and hit an all-time high of around $3 in 2021.
Can Cardano rise to $7.92?
Martinez notes Cardano ADA has again been consolidating for a similar length of time, 574 days. He thinks this accumulation phase will end by April, leading to another bull run.
If Cardano rallies for 287 days like last time, Martinez’s chart shows it potentially peaking at $7.92. That would represent a nearly 1,800% gain from current levels near 50 cents.
Martinez believes Cardano could hit that $7.92 mark based on historical price cycles. He expects a bearish period to kick in afterward.
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This is not the first time the analyst has forecasted a $7 valuation for ADA. And he’s not alone; other experts also see Cardano reaching as high as $11 if crypto bull markets continue.
However, crypto prices are very volatile. There is no guarantee Cardano will follow historical trends or analysts’ projections. Major gains and losses can occur unexpectedly in the emerging digital asset class.