Cardano (ADA) bulls have been watching the cryptocurrency’s latest price movements guessing the speculations and predictions on probable directions. Despite the current dip, Cardano is still sitting pretty within the range and this is causing investors to think about the potential direction it can move in.
Co-founder Charles Hoskinson has staunchly defended the protocol, emphasizing its unique features and vibrant community. Amid criticisms and a reshuffling by investment giants like Grayscale, Cardano’s resilience shines through.
Ali Martinez, a prominent crypto analyst, has drawn parallels between Cardano’s current price action and historical patterns from 2018 to 2021. According to Martinez, ADA could undergo a consolidation phase within the $0.55 to $0.80 range before potentially surging to $1.70. This anticipated upswing could pave the way for further consolidation, setting the stage for a potential breakout towards the $5 mark.
During reporting, ADA was trading at $0.586998, and recent underperformance in the altcoin space has raised concerns among investors. With ADA slipping to the tenth spot on the crypto list and experiencing a 20% drop in the monthly, some analysts are questioning its ability to regain momentum. The market’s broader sell-off has only added to the uncertainty surrounding ADA’s future trajectory.
Despite these challenges, analysts like Chris O remain optimistic about Cardano’s long-term prospects. O predicts that the overall crypto market could double in this bull run, reaching heights of $6-$7 trillion. In line with this bullish sentiment, O has set a price target for Cardano, envisioning ADA reaching $6.66 to $7.77.
The removal of ADA from Grayscale’s Crypto Large Cap Fund has also sparked debate within the crypto community. While some view it as a sign of Cardano’s decline, others see it as a mere rebalancing action by the investment giant.
