According to Altcoin Daily, the cryptocurrency show hosted by analysts Aaron and Austin Arnold, Cardano may experience a staggering rally of 2,095% to reach its peak price target during the current bull market. The official Altcoin Daily X account shared this insight while outlining anticipated peak price targets for various cryptocurrencies in this market cycle. While all these targets indicate significant increases from current levels, Cardano’s projected growth is particularly bold.
The analysts assert that Cardano has the potential to soar to an impressive $9 as its peak price in this ongoing bull run. Earlier this month, analyst Ray also forecasted that ADA could reach the $9 mark. Achieving this price would set a new all-time high for ADA, translating to a remarkable 190% increase from its previous peak of $3.10 in September 2021.
### Cardano’s Previous Bull Market
Furthermore, the $9 target signifies a substantial 2,063% rise from Cardano’s current price of $0.4170. Although this projection may seem overly optimistic, it’s essential to note that ADA has experienced even more significant rallies in the past. For example, prior to the last bull run, Cardano faced a downward trend and plummeted to a low of $0.0177 in March 2020. However, as buying momentum built up, ADA capitalized on the upward market trend, climbing to $3.10 in September 2021. This represented an extraordinary increase of 17,414% over just 17 months.
### Cardano’s Price Surge
It’s important to highlight that the anticipated 2,063% increase is still over eight times less than the gains Cardano achieved during its previous bull run. However, ADA may encounter more considerable resistance in this market cycle due to two key factors.
The first factor is the current circulating supply, which is now at 35.899 billion tokens. At this supply level, reaching a $9 price would result in a market capitalization of $323 billion. The second factor is a trend of altcoin dispersion, as pointed out by analyst Miles Deutscher. This trend suggests that capital is being redirected to various other altcoins as the market becomes saturated.
### Cardano’s Bullish Pattern
Despite these potential challenges, Cardano’s monthly chart reveals a pattern that could enhance ADA’s likelihood of a rally. In the previous cycle, Cardano broke out of a 25-month symmetrical triangle when it surged to $0.09 in June 2020. After several months of testing the upper trendline, ADA eventually soared to $3.10.
Building on the momentum from the pre-bull run, ADA initially surged 167% from $0.25 in September 2023 to $0.64 in January 2024. This rally enabled Cardano to break out of a similar symmetrical triangle that has been in place since September 2021. Currently, ADA is retesting the upper trendline, mirroring the patterns observed in the previous bull market.
### Additional Altcoin Projections
In addition to Cardano, Altcoin Daily also outlined peak price projections for other cryptocurrencies. They predict that Bitcoin (BTC) could reach $120,000, reflecting a 79% increase from present prices. Additionally, they anticipate Ethereum (ETH) will rise by 170% to $8,800. For Solana (SOL) and XRP, Altcoin Daily has set targets of $720 and $5, respectively, which would represent increases of 306% and 733%.
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