The cryptocurrency industry has been on the down low for a while now. Several assets in the market are barely witnessing a rise before dropping down again. Cardano (ADA) was seen following a similar trend. The asset recorded a massive surge throughout the past few months. But the cryptocurrency has dropped by over 6% in the last month. March has been particularly volatile for ADA as it went from trading at a high of $1.13 down to a low of $0.67. Amidst this, an analyst instilled hope back into the ADA market.
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How Is Cardano Faring At The Moment?
Over the past 24 hours, Cardano saw a downfall of 2.52%. At the time of writing, the altcoin was trading at $0.7115. The highest that ADA surged to this year was $1.32. Currently, the altcoin is much below this mark.
While reaching $1 hasn’t been a major issue for the asset, ADA investors are now betting on $2. Cardano will have to rise by 181% in order to reach the coveted $2 milestone. While the slow-paced market kills all expectations, analyst Ali Martinez shared a bullish prediction with the community.
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$2 A Dream or Reality?
On the daily chart, Cardano has reportedly formed a bullish pattern, according to analyst Martinez. He pointed out that the asset’s ascent to $1.15 will further validate its right-descending wedge bullish pattern. With the same foundation, ADA will be able to move up to the $2 threshold.
It should be noted the last time that Cardano hit a high of $2 was about four years ago, in the year 2021. This was around the same time that the asset reached its all-time high of $3.10. While the chances of ADA reclaiming this peak seem bleak at the moment, the asset’s addition to the US government’s Strategic Reserve could boost it to a much higher price.
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