Cardano Price Prediction: ADA to Hit $8 in Next Bull Run – Factors to Watch Out For
The Cardano native token ADA has shown positive performance this week as the general crypto market turns green. The price broke a strong bearish channel, holding it around the $0.50 level. Currently, the token now trades at $0.627.
According to CoinMarketCap data, there have not been any significant price changes today. However, the bulls have still been in control over the past seven as the coin is up by over 11%.
Further, in the last 30 days, ADA has demonstrated a noteworthy uptick of more than 18%. This points to a promising trend with additional gains.
Due to the recent spike in the price of Cardano (ADA), crypto analyst Ali Martinez believes the coin will likely hit $8 in the next bull market.
Analyst Sees ADA Price Following Historical Bull Run PatternIn a recent analysis, crypto analyst Ali revealed that Cardano's ADA price chart shows a pattern similar to the one preceding its massive 2021 rally. Recently, ADA broke out above a long-term sideways trading range or parallel channel" it had been stuck within.
The #Cardano breakout may come earlier than expected! Still, if history repeats itself, we are anticipating $ADA to rise to $0.80, retrace to $0.60, and then enter a bull run toward $8 by January 2025! pic.twitter.com/HuVAxFEg9Y
- Ali (@ali_charts) February 15, 2024
In technical analysis, these channels form when an asset trades between clear support and resistance lines. Breakouts above resistance indicate that upside momentum is overpowering selling pressure. Ali observed that the coin also moved a particular channel between 2019 and 2020.
ADA eventually burst out back then, and its price spiked by over 3,200%. Now, in 2024, ADA again broke its channel after ranging sideways for an extended period.
Notably, ADA retested channel resistance before its parabolic 2021 climb, and the same happened during this breakout.
So far, ADA appears to be following its previous breakout timeline slightly. Ali believes that if the historical pattern repeats, ADA could climb to $0.80 in the coming weeks. However, there will be a brief correction to $0.60 before the coin will enter a bull run towards $8 by January 2025.
That would represent over a 1,200% rally from current levels. Though past performance doesn't guarantee future results, Ali sees reason to anticipate similar dramatic gains if ADA follows the prior trend.
Technical Indicator Points at Bullish Sentiment
Cardano's ADA trades near the upper Bollinger band around $0.58 after a strong rally. Breaking this level may signal further upside ahead. The Relative Strength Index (RSI) sits above 70, reflecting extreme bullish momentum.
When RSI enters the overbought territory, the upside usually continues short term. This implies buyers still have some room to push prices higher before exhaustion.
ADA also sustains its rise above the 50-day and 200-day simple moving averages. Sitting above these key averages indicates an established uptrend. Additionally, the Moving Average Convergence Divergence (MACD) reads bullish.
The MACD line stays above the signal line while the histogram shows green bars.
This points to strong upside momentum. If ADA can close decisively above the upper Bollinger band, the next target is the minor resistance around $0.67. Further sustained breaks may reach the significant psychological barrier at $0.10, where sellers often wait.
Overall, ADA's technical indicators suggest ADA could retain the rally. However, the crypto market remains volatile, so predictions may sometimes fail.
New Development May Help Push ADA PriceCardano's founder, Charles Hoskinson, recently shared exciting updates about the network's progress. Hoskinson mentioned that a significant upgrade called Plutus v3 is on the way with the next Chang hard fork.
Although the exact date isn't confirmed, node versions 8.8 and 8.10 will pave the path for this significant change in Q2.
Plutus v3 marks Cardano's most extensive update, bringing significant improvements like new cryptographic tools. These tools will help with advanced functions such as rollups and zero-knowledge proofs.
This upgrade will improve Cardano's smart contracts, potentially increasing transactions and attracting more users.
The Cardano ecosystem also snowballs, with a 700% rise in total value locked. These improvements could boost the price of Cardano by making it more attractive to investors and users alike.
However, investors who want to buy low-cap altcoin might consider this new project, Meme Kombat, making headlines.
Meme Kombat: Crypto Gaming Platform Surpasses $9M in Presale FinaleMeme Kombat (MK), the popular crypto-gaming platform, gathered more than $9 million in the last phase of its presale. The presale is nearing its target of $10 million, showing much interest in its blend of memes and fighting gameplay.
As the team prepares for exchange listings, they're gearing up for further growth.
Meme Kombat stands out in the GameFi sector with its battle arena fueled by the MK token and a staking system that offers high returns. In the Meme Kombat battle arena, players can use their MK tokens to bet on fights between different meme characters.
Imagine an animated showdown between Doge and Pepe the Frog, with players wagering on the outcome for extra MK tokens. The winner of the bet will earn more MK tokens as a reward.
Besides the arena, Meme Kombat offers a staking system, allowing players to earn passive income by locking up their MK tokens.
Can't believe we're saying this, but $9.2million raised!
LFG fighters
pic.twitter.com/mRVesHZPeJ
- Meme Kombat (@Meme_Kombat) February 19, 2024
The staking protocol boasts attractive returns, offering up to 103% annually for participants. Additionally, Meme Kombat's developers have revealed plans for an NFT collection.
While details remain undisclosed, it's expected to showcase unique character designs and other collectibles from the Meme Kombat universe.
To join this presale before it comes live, visit its official site and buy the token. You can now buy the token at a low rate of $0.279 using ETH, USDT, or a card.
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