thecryptobasic.com
With the prospects of an inevitable altcoin season gaining momentum, a top market analyst has outlined the price targets for Cardano.
Specifically, Crypto Patel, a key opinion leader for Binance and CoinMarketCap, predicted how high Cardano could go amid growing optimism of bullish market conditions for the altcoin sector. This comes on the heels of a broader market rebound, which has seen ADA appreciate by 5.58% over the past seven days.
Cardano Coiling Up for Expansion
For context, ADA has the second worst year-to-date performance in the top 10 cryptocurrency ranking by market capitalization, only above Dogecoin, which has seen a 23% decline. However, Crypto Patel highlighted that Cardano has been accumulating in the $0.85 to $0.60 demand zone but is now coiling up for an expansion.
Cardano Targets Following Breakout
Importantly, the analyst highlighted the liquidity targets for a breakout from the triangle. His first target is a retest of the 2021 peak price of $3.10, representing a 253% increase from the current market price of $0.87.
The second target is a 469% rally to $5, which would be a new all-time high for Cardano. Notably, several analysts have predicted this price mark for ADA, with Crypto Target basing his outlook on a recurring accumulation and re-accumulation pattern. Mr. Banana also shared that $5 is a minimum bullish target for Cardano.
Ultimately, Crypto Patel identified the $7 mark as the last liquidity target, representing a 697% increase from its current price. The prediction aligns with that of Mubsalat, who urged holders to hold onto their ADA bags until it hits $7. Egrag also shared the possibility of ADA reaching $7 but noted that this would depend on broader market growth.