Crypto:
30205
Bitcoin:
$68.302
% 1.46
BTC Dominance:
%54.1
% 0.32
Market Cap:
$2.48 T
% 1.89
Fear & Greed:
72 / 100
Bitcoin:
$ 68.302
BTC Dominance:
% 54.1
Market Cap:
$2.48 T

Cardano Analyst Predicts Bull Run for ADA Despite Market Lag

What Is Cardano

Cardano ($ADA), the eighth-largest cryptocurrency by market cap, has experienced a dip in tandem with the broader crypto market, resulting in a modest 6.5% year-to-date gain. Despite this, an analyst remains optimistic about its future, suggesting a potential surge of over 2,000%.

While the flagship cryptocurrency Bitcoin ($BTC) has seen a 58% increase year-to-date, Cardano has faced challenges. However, a popular pseudonymous cryptocurrency analyst, Trend Rider, recently hinted on the microblogging platform X (formerly Twitter) that Cardano’s native token ADA could be poised for a significant turnaround.

Analyzing its two-week chart, Trend Rider highlighted a realignment of key moving averages, signaling a shift from bearish to bullish territory as indicators turn positive.

The analyst drew parallels to a previous instance where ADA experienced a substantial price surge. If history repeats itself, ADA could surpass the $1 mark, mirroring the April 2021 bull run where it surged from $0.133 to an all-time high above $3 within a year—an over 2,000% gain.

Should ADA replicate such a surge, it could potentially reach $12.60, quadrupling its current all-time high. However, Trend Rider emphasized the significance of maintaining crucial support levels, suggesting they range between $0.45 and $0.52, to sustain the bullish momentum.

Cardano has been witnessing a surge in user activity, with active wallet addresses hitting a one-year peak of over 600,000—an increase of nearly 40% over the same period. This rise in activity coincides with the growing total value locked (TVL) on Cardano’s decentralized finance (DeFi) protocols, which has surged from $60 million to over $417 million, indicating significant growth in the ecosystem.

In early 2023, around 200 million ADA were locked in Cardano’s DeFi ecosystem, compared to over 650 million ADA at present, according to DeFiLlama data. This growth underscores Cardano’s increasing prominence and adoption within the crypto space.

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