Can The ADA Price Climb Above $20 In The Bull Market? Analyst Provides Answers
ADA price has historically performed incredibly well during bull market cycles, with price surges allowing millions of holders to profit in the past.
However, like any other cryptocurrency, it can be difficult to determine how high the price will rise during the next bull market. Nonetheless, one crypto analyst is taking the bull by the horns to reveal where he expects the altcoin’s price to reach during the next bull market.
ADA Price Could Reach $24
In an analysis published on TradingView, crypto analyst masoud_paydarsani explains how the ADA the price could reach double digits. First, the analyst points out that Cardano’s ADA token is a long-term ascending channel on the weekly time frame, albeit a rather slow uptrend.
However, this does not invalidate its upward trends, particularly with regard to ADA repeating its previous bull market cycles. Masoud highlights the fact that past crypto market cycles have seen approximately 108 weeks of bear market before 66 weeks of bull market, and it is during these 66 weeks that ADA shines.
Source: Tradingview.com
The analyst believes that if the ascending channel is validated, the next ADA bull run could play out like the others. Using the altcoin’s previous performance, for example the rise of the year 2021, the price of ADA could reach $24 following the same trend. Furthermore, based on historical performance, the crypto analyst reveals that this could happen in the next 66 weeks. So it could take until 2025 before this rally is over.
Be bullish on ADA above $20
Interestingly, the expectation for ADA price to cross the $20 mark is not unique to Masoud. Another crypto analyst, @LucidCiC on X (formerly Twitter) as well believes this double-digit level is possible for ADA.
Lucid actually has an even higher price target for the altcoin compared to Masoud. Where Masoud sees the ADA price hits $24, Lucid forecast goes up to $30. Lucid compares Cardano to the Ethereum network which managed to reach a market capitalization of $500 billion despite multiple obstacles. Considering this, the analyst believes that Cardano will also be able to rise while expecting the crypto market cap to exceed $10 trillion within a decade.
Cardano also attracts great interest from institutional investors. Grayscale Investments, the company behind the world’s largest Bitcoin trust, recently announced new crypto indices featuring ADA in response to this growing interest. If these large investors continue to double down on their investments, this new influx could drive the price to the double-digit mark predicted by analysts.
ADA recovers above $0.34 | Source: ADAUSD on Tradingview.com
Featured image from VOI, chart from Tradingview.com
