Cardano has been quite muted over the last few weeks and then finally succumbing to the market crash that begun on Monday. However, the prospects are not completely bleak for Cardano’s native cryptocurrency ADA, as one crypto analyst has predicted that the coin is ready to surge.
Cardano On The Cusp Of A Massive Price Surge
Crypto analyst and Cardano bull, Dan Gambardello, has predicted more upside for ADA going forward. The analyst used the ADA-BTC chart for the analysis, which showed that Cardano has been performing poorly compared to Bitcoin lately. However, this poor performance might be short-lived as the analyst expects ADA to break out from it.
In the post that was made on X (formerly Twitter), Gambardello points to the performance of Cardano in the last bull market right before the halving. The analyst explains that the cryptocurrency had actually performed similarly and was the underdog while other coins had rallied. But once ADA started to pick up steam, it would go on to rally to a new all-time high.
“Just like last cycle as we head into Bitcoin halving and parabolic altcoin season, Cardano is an underdog,” the crypto analyst stated. “Even though I’ve been talking about this non-stop, people are once again sleeping on this chart.”
Gambardello’s chart outlines a target for Cardano against Bitcoin, which shows an almost 10x run from its current levels. It maps out a move from 0.000008 BTC to as high as 0.00008 BTC, a 1,000% increase to bring it back to its all-time high.
Just like last cycle as we head into Bitcoin halving and parabolic altcoin season, Cardano is an underdog.
Even though I’ve been talking about this non-stop, people are once again sleeping on this chart.
When ADA takes off, it will be epic! pic.twitter.com/3WEQlP3tx5
— Dan Gambardello (@cryptorecruitr) April 2, 2024
When ADA Price Will Reach Previous All-Time High
Gambardello is not the only one who believes that the Cardano price is headed back to its previous all-time highs, especially as the bull market is around the corner. A Finder’s panel recently revealed their predictions for the coin and when they believe its price will reach above $3 once again.
The panelists agreed that ADA would see a surge in price by 2025 that will bring it as high as this level. As Nick Ranger, the senior crypto and forex analyst at ForexTraders, said, Bitcoin’s rally following the halving will see Cardano follow the same path.
Presently, Cardano is trading at $0.59 after an 8.69% decline in the last week. However, if Gambardello’s analysis proves correct, then the price of the cryptocurrency could cross the $5 mark in the bull market. This would mean a 1000% or a 10x on any investments made at the current price level.
ADA price trending at $0.59 | Source: ADAUSDT on Tradingview.com
Featured image from Binance, chart from Tradingview.com