The cryptocurrency market is in a state of euphoria as the SEC (Securities and Exchange Commission) has approved a spot Bitcoin (BTC) ETF (Exchange Traded Fund). However, instead of BTC leading the market, altcoins have taken charge. Most significant altcoins have rallied double digits, while BTC has surged by under 1%. Cardano (ADA) has also seen a healthy 11.6% growth in the daily charts. However, the asset is still down by 12.2% in the last 14 days.
Also Read: Ripple (XRP) or Cardano (ADA): Which Coin Will Hit $1 in January 2024?
However, renowned cryptocurrency analyst Ali Charts believes ADA could surge to much higher levels.
Cardano (ADA) to hit $6
According to Ali Charts, Cardano (ADA) mirrors its 2018-2020 pattern. The analyst says if this trend continues, ADA may consolidate at current levels until April. However, the development could set the stage for a “potential resumption of the bull run.” The movement would be similar to the 2021 rally, where ADA reached its all-time high of $3.09 on Sept. 9. The asset is currently down by over 81% from its 2021 peak.
Also Read: Cardano (ADA) Price Prediction: Mid-January 2024
Ali Chart also shared a price chart showing that Cardano (ADA) could hit a high of $6 if things go according to plan. Reaching $6 would translate to a growth of about 934% from current levels.
According to Changelly, ADA could reach $6 sometime in June 2030, almost six years from now. The platform anticipates ADA to remain around the $0.5 level for most of the year. However, the platform expects ADA’s price to drop towards the end of 2024.
Analysts at Telegaon are a little more bullish on Cardano (ADA). According to the platform, ADA could hit $6 sometime in 2028, about four years from now.
However, there is also a possibility that the crypto market will enter a bull run later this year, pushing ADA’s price much closer to the $6 target.