Cardano struggles to retake its previous highs could be shortlived, with one analyst outlining the coin’s path to a double-digit price.
A number of leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), have recovered close to their previous highs over the past few weeks. In contrast, Cardano remains a long way off, trading 77% below its 2021 peak of $3.10.
However, Dan Gambardello, a seasoned market analyst and founder of Crypto Captial Venture, does not expect Cardano’s underperformance to continue for long.
Instead, he predicts that Cardano’s rise to $0.8 is inbound and will provide a stepping stone for prices to double in the future gradually.
Forecasting what such increased prices will look like, Gambardello, who is a big Cardano supporter and an investor in the project’s ecosystem, noted that ADA could go as high as $12.80 if its price continues to double.
.80 ADA inbound.
Half of $1.60.
Half of $3.20.
Half of $6.40.
Half of $12.80.
Stepping stones.
— Dan Gambardello (@cryptorecruitr) March 13, 2024
Cardano Must Clear $0.8 Hurdle to Aim Higher
Evidently, any journey into the adventurous price levels for Cardano must begin with the cryptocurrency clearing the crucial $0.80 price level. Cardano last traded above $0.8 in February 2022, roughly two months before the infamous Terra (LUNA) collapse that crashed the crypto market.
Since then, ADA has traded well below that price level. The latest market rally pushed ADA close to $0.76, but it faced resistance. If Cardano finally breaks the $0.8 resistance, such a move could set the stage for a higher push.
Among these predictions, analysts expect Cardano to reach between $1.5 and $3, mirroring a performance similar to the last bull market. Others forecast prices as high as $10 by the end of the current bull run, with ADA gaining more than 300% of its previous all-time high.
There are no guarantees that the projected prices will be realized. However, a combination of several experienced analysts predicting a surge in Cardano’s price might bode well for its future, both in the short and long term.