After shedding 50% of its value from its highest level in 2024, Cardano price may stage a parabolic rally to between $4 and $5, according to a popular millionaire. ADA coin has crashed to $0.67, a price action that is in sync with that of other USA coins like Chainlink and Solana.
Millionaire Alex Becker Delivers Cardano Price Prediction
Alex Becker, a millionaire who started Hyros, a $170 million company, has come out with a bullish ADA price forecast. In a podcast interview, he said that he expects that the layer-1 crypto coin to jump to between $4 and $5 in the next crypto bull run.
With ADA trading at $0.67, such a move that implies between 500% and 650% surge from the current level. Such a surge would push Cardano’s market cap, assuming Cardano’s circulating supply of 45 billion coins would bring its market cap to between $180 billion and $225 billion.
While that Cardano price forecast is highly ambitious, it is highly achievable as XRP, Ethereum, and Bitcoin have demonstrated. Also, Cardano has already jumped by almost 3,000% since its inception in 2017.
Becker also admitted that he was not a fan of Cardano, probably because of its smaller ecosystem compared to other chains. Cardano is often seen as a ghost chain, with most Cardano coins being much smaller than other chains like Solana and BNB Chain. It has a total value locked (TVL) of just $309 million, smaller than newer chains like Aptos, Berachain, and Sui.
ADA Price Technical Analysis: Chart Points to a Rebound
After soaring to $1.327 amid the crypto surge in 2024, the value of Cardano has suffered a big reversal and moved to $0.68. This crash has seen it drop below all moving averages, a sign that bears are in control.
On the positive side, Cardano price has formed lower lows and lower highs. By connecting the highs and lows, it has produced a falling wedge chart pattern whose two lines are about to converge. A rebound typically happens when the two lines are about to converge.
The current convergence zone is happening at the 61.8% Fibonacci Retracement, where reversals happen.
Cardano Target Prices
Therefore, Cardano will likely rebound, and possibly move to last year’s high of $1.327, up by about 100% from the current level. A surge above that target will point to more gains, possibly to the all-time high of $3, and possibly $5. A potential catalyst will be the spot ADA ETF approval and the upcoming Charles Hoskinson VIP meeting.
On the other hand, a drop below this month’s low of $0.511 will invalidate the bullish view and point to more downside.
The post Millionaire Alex Becker Reveals the Next Cardano Price Target appeared first on CoinGape.
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