- An analyst predicted that ADA could possibly surge to $26 in the next bull run.
- Before this optimistic price target is reached, however, the analyst shared that he expects the ADA’s price to drop in the short term.
- The first notable barrier that ADA will have to face before reaching $26 is the $3.70 price point.
An analyst from Cheeky Crypto predicted in a YouTube video uploaded over the past 24 hours that the price of Cardano (ADA) could possibly surge to $26 in the next bull run. Before this optimistic price target is reached, however, the analyst did reveal that he expects the altcoin’s price to drop further in the short term.
In the video, the analyst predicted that ADA’s price may look to retest $0.3126 in the coming few weeks before potentially dropping to between $0.1527 and $0.1811, which he believes will be ADA’s low for this current bear market. He also stated that this forecasted drop in price may be the last opportunity to purchase ADA at a discounted price before the next bull run.
He then went on to share his bull market price target for ADA, which was situated at around $26. The analyst based this prediction off of ADA’s previous rally towards the end of 2020, which saw the altcoin’s price surge more than 17,000%. Moreover, he supported his bullish target by highlighting Cardano’s substantial growth within its DeFi sector.
Through the course of this bear market, the Cardano network has seen 1,200 decentralized applications (DApps) enter its ecosystem. Furthermore, the analyst speculated that the exponential growth in Cardano’s total value locked (TVL) makes ADA a highly under-valued cryptocurrency with a vast amount of potential, which is why he believes ADA could reach $26.
On its journey towards the forecasted $26 threshold, the Cheeky Crypto analyst stated that ADA may encounter some key levels of resistance. The first notable barrier is the $3.70 price point.
Thereafter, if ADA is able to overcome this threshold, the analyst revealed that the next major resistance will be around $8.81. Both of these levels are key Fibonacci retracement levels, noted the analyst.
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