Cardano Price Analysis as ADA Price Recovers – Will It Hit the $7 Mark?

After the slight retracement in the broader market, ADA and other altcoins are showing positive sentiment today, April 08, 2024. The higher high formation in the daily chart suggests that the bulls are in action, holding the ADA price above $0.60.

Moreover, recent data shows that the entire Cardano network transactions hit a new high of more than 88 million. This also ignited the bullish sentiment in the market.

Based on this, top crypto analysts have predicted that $ ADA could reach $7. According to CoinMarketCap, in the past 24 hours, $ADA is up by 2.63%.

ADA's Daily Chart Looks Bullish Strength. Is it Time to Bag More?

The daily chart for ADA looks bullish after a period of bearish momentum. At the moment, ADA is forming a new bullish trend after its price hit the support level at $0.56.

This means that $0.56 is a valid support to keep the price from dropping further. With added buying momentum from the bulls, Cardano's price can increase to the first point of interest by around $0.69.

This represents a 15% increase from its current level. The next potential level after this is at $0.81. Considering the bullish sentiment, ADA's price could reach $0.81. Another positive factor is that the 200-day simple moving average (the red line) is below ADA's market price. This is typically a bullish sign.

However, the 50-day SMA (yellow line) exceeds ADA's current price. If ADA can break up through this level, it would signal more positive momentum building. Further, the red MACD histogram bars are fading, suggesting the bearish power is dropping.

Overall, with ADA holding critical support, hitting initial upside targets, and trading above its longer-term average, there's hope for the coin. Moreover, network developments and bullish predictions by analysts suggest more gains for ADA price on the horizon.

Analyzing Potential Cardano Price Scenarios: Targeting $7.7 and $9.7

In a recent post on X, a Cardano enthusiast, Chris, shared two potential price scenarios for ADA.

#Cardano fam,

For fun, 2 price scenarios for $ADA this Bull cycle.

The 1st is conservative & based on some simple math:

This Bull even just a simple 2x or so of Total crypto MC will give us $6T-$7T. Accounting for historical $ADA.D highs of 4% & $ADA circulating supply at... https://t.co/LpxGccsIr1

- Chris O (@TheOCcryptobro) March 8, 2024

Before the analysis, the analyst stressed that these were purely speculative for fun" and not intended as investment advice.The first scenario is more conservative and depends on the overall direction of the crypto market.

Scenario 1: ADA at $7.71

The total cryptocurrency market is valued at $2.61 trillion, still below its peak of $3 trillion in November 2021.Despite Bitcoin's recent surge, altcoins like Cardano haven't fully recovered.

For instance, Cardano (ADA) is trading at $0.60, significantly lower than its peak of $3.10 in 2021.Some experts believe altcoins like ADA could rally after Bitcoin's upcoming halving.

If this happens and the overall crypto market grows substantially, analyst Chris predicts a modest doubling of the market cap to $6-7 trillion.

Chris added that if ADA reclaims 4% dominance with a $6 trillion market cap, its valuation will reach $240 billion. With a $7 trillion market cap, ADA's value would rise to $280 billion.

In addition, given Cardano's stable token supply of 36 billion, a $240 billion market cap would translate to a $6.6 per ADA price.And if the ADA's valuation reaches $280 billion, each ADA could be worth $7.7. Chris emphasizes that this is his more cautious price estimate.

Second Outlook: ADA to Reach $9.71

In a more ambitious prediction, the expert referred back to an analysis he did on Cardano last July.

In this analysis, Chris looked at three things: how ADA performs compared to Bitcoin, Cardano's share of the overall crypto market, and how Ethereum performed in the last market cycle. He found that in previous cycles, Cardano peaked at 0.00006 sats in the ADA/BTC chart.

Based on that, Chris added that if Cardano could reach that level again compared to Bitcoin and if Bitcoin hits $138K, Cardano's price could reach $8.28. Using ADA's current price of $0.60, this would increase by more than 1,200%.

Moving forward, he highlighted that during the 2021 bull market, ADA reached a high dominance of 4.5% in the global crypto market.If, during this bull run, the global crypto market cap rises to $5.8 trillion and ADA regains its 4.5% dominance, its price could jump to $7.45.

Furthermore, Chris draws attention to Ethereum, noting that the coin increased by 6,000% in the last market cycle. But Cardano did even better, surging by 15,400%.

To be cautious, he imagined Cardano matching Ethereum's 6,000% gain this time, not its higher surge.

Starting from Cardano's low of $0.22 this cycle, a 6,000% rise would mean a price of $13.42. Then, Chris compared three prices: $8.28, $7.45, and $13.42. The average of these is $9.71.

So, the analyst is very bullish on ADA price this market cycle, predicting the price to range from $7.45 to $13.42.

Cardano's Growing Network Activity Signals Potential Price Boost

Cardano's latest weekly development report revealed that the network has processed 88.6 million transactions. This is a significant milestone that could boost ADA's price.

This achievement is crucial because it counters criticism that Cardano is a ghost chain," proving active network usage. Furthermore, the report showed that 1,353 projects are actively building on the network, indicating ongoing expansion as more users join through these projects.

Cardano's Fund12 will also launch on April 26. It will introduce a decentralized incubator program to attract new developers to the ecosystem.

This event highlights Cardano's potential for rapid network growth, reflecting the founder's comparison to Bitcoin's organic growth.

With these positive developments, ADA's price may be poised for a significant upward movement, offering relief to holders concerned about its sluggish performance.

Meanwhile, this new project seems to have more potential due to its low rate and significant investor attention.

Dogecoin20: The Next Big Thing in Meme Coin Market

The meme coin markets are bouncing back in 2024, stirring up interest in the Dogecoin20 presale.This new ERC-20 token, Dogecoin20, offers more utility by allowing holders to stake and earn rewards with high APY returns.

It distinguishes itself by having a capped supply and a staking mechanism, which could attract long-term participants and address inflation concerns. Despite having a market cap of only $10 million, almost half of DOGE's, Dogecoin20 shows potential for significant growth.

If it achieves just 1% of Dogecoin's success, presale investors could see a 30x return, especially in a bullish market. With upcoming listings on top-tier cryptocurrency exchanges, Dogecoin20 aims to replicate DOGE's viral success.

Notably, Dogecoin20's launch is scheduled for April 20, approximately 24 hours after the Bitcoin halving event. Therefore, to join the project, visit its presale page and follow the instructions provided.

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