thecoinrepublic.com
Crypto-analyst Lark Davis stated that he believes Cardano (ADA) price will rise up to $10 before the end of the current bull cycle. Davis attributes the current high price of Cardano and increasing market attention as the main reasons for his prediction.
In his analysis, Davis believes that a major price surge is imminent for Cardano and the coin may rise by as much as 800% from its current value. This prediction is based on the technical analysis, and the current trend in the broader cryptocurrency market.
Cardano’s recent performance has sparked renewed hope. In the last month alone, ADA has risen by 213% which has helped to highlight its possibility. It is now eyeing higher price territories with some analysts expecting it to range between $4.80 and $7.70 before hitting $10.
Cardano’s Recent Surge and Fibonacci Price Levels
Cardano has particularly stood out in the cryptocurrency market, with the asset rising by 213% in the recent past. After several months of consolidation, ADA recorded a rise which suggested that another bullish phase may have started. According to Davis, this is just the beginning of the price action.
Hence, he predicts that the asset will initially target $4.80, a level that roughly corresponds to the 1.618 Fibonacci level. Cardano could then progress towards the 2.618 extension at $7.70 before extending towards the 3.618 extension. Davis feels 3.618 is a more reasonable target than $10.
The Fibonacci retracement levels drawn on the chart based on the ratios, trigger psychological break out points or support and resistance levels. According to Davis, the Cardano price could rise to new levels within the current market cycle.
Increased Market Interest and Volume Activity
The strong performance of Cardano has been attributed to the rising interest in the market. At the time of writing, Cardano had surpassed Binance Coin (BNB) in the 24 hour trading volume, which is a good sign for the asset. This volume change indicates that more traders and investors are optimistic about ADA, which may continue to boost the price.
As more investors are drawn to Cardano, it could sustain the upward movement needed for the coin to hit its target of $10. Moreover, whales have been buying ADA, which has only a positive impact on the future price development of the asset. Such an increase coupled with the enhancement in trading volume supports the upward trend of Cardano.
Bull Flag Rally Could Lead to Another 50% Surge
Cardano’s price chart seems to be bullish and may mean that the price will continue to rise. Experts have noted a ‘bull flag’ pattern, a simple chart formation which typically leads to a major price spike. The bull flag is a price pattern that is evident after a rapid move upwards in the price, and a short consolidation.
If the pattern holds, then Cardano could again surge by 50%.
According to CoreCrypto, a crypto analyst, the market could break out at the current level. As per the current analysis, if the support levels are successfully retested, then the bull flag is likely to be reconfirmed, and this would result in further rise in the prices.
The targets for this move are $1.08, $1.24, $1.36, and $1.49, which suggests that ADA may witness a major rally in the coming days.
At press time, ADA is trading at $1.07, having dropped more than 2% in the last 24 hours. The asset remains well sought after, with high volume trading suggesting further upside may be on the horizon. With the market sentiment still positive, Cardano is set to break out in the next few days.