A bullish indicator shows Cardano (ADA) may hit $7

On Jan 23, 2024

A crypto analyst claimed that ADA coin is following its history and there are huge possibilities to show a rally of 1,400%.

Cardano (ADA) is a popular Proof-of-stake (PoS) which is mainly known for its transparency of development works, to push the use of blockchain technology in the commercial sector. This crypto project was founded by Charles Hoskinson, who is also one of the co-founders of the Ethereum blockchain network.

Crypto trader & analyst, Ali Martinez, noted that ADA coin experienced a similar consolidation phase, as phased by it in 2020 before the 2,900% rally.

According to this analyst, these sentiments & patterns show that there are huge chances that the ADA coin may pump 1,400% & hit $7.

#Cardano's current consolidation phase mirrors its late 2020 behavior. If history repeats itself, we might see $ADA resuming its upward trend around April. This pattern continuation could potentially lead to an upswing toward $0.80, a brief correction to $0.60, then $7! pic.twitter.com/RuRA2EDMNP
— Ali (@ali_charts) January 19, 2024

Notably the trade price of ADA coin faced very high sell pressure in 2023 because of the United States Securities and Exchange Commission (SEC) lawsuits against Binance & Coinbase exchange in which the SEC body mentioned ADA coin as an unregistered security token.

Despite the negative news, Crypto whales can understand the reality of the Cardano crypto project with full transparency & they know very well that there is huge potential in this project, as the Cardano developers team never follows hype and instead always remains engaged in development activities.

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The current trade price of ADA coin is $0.48 & this trade price is 22% down from the last 30 days’ trade price.

A bullish indicator shows Cardano (ADA) may hit $7 1

Before the approval of Bitcoin spot ETF applications, after Solana, Cardano (ADA) was the second biggest Cryptocurrency which surged by nearly 100%.

In the last 7 days, the panic level among the crypto traders surged rapidly. Under this current market sentiment, the current Crypto Fear & Greed Index is 50, which means people are not expecting big pump in the near future.

Fear & Greed index crashed from 67 to 50. Panic level among the crypto traders surged rapidly. pic.twitter.com/APGgREo6oE
— Bitcoinik (@Bitcoinikdotcom) January 23, 2024

Just a day ago, we reported that the current situation is an opportunity to buy Bitcoin & some other flagship crypto assets because Bitcoin halving is only 98 days ahead.