Analyst predicts Cardano (ADA) bull run towards $8

Renowned cryptocurrency analyst Ali Martinez recently provided a very bullish prediction for the price of the Cardano (ADA) cryptocurrency. For the expert, the breakout of the ADA cryptocurrency could happen sooner than the community expects.

In his prediction, the analyst highlighted the potential for Cardano to enter a bull run towards the $8 price level in January next year.

“Cardano breakout could happen sooner than expected! Still, if history repeats itself, we expect $ADA to rise to $0.80, back to $0.60 and then enter a bull run towards $8 in January 2025!” he wrote.

The #Cardano breakout may come earlier than expected! Still, if history repeats itself, we are anticipating $ADA to rise to $0.80, retrace to $0.60, and then enter a bull run toward $8 by January 2025! pic.twitter.com/HuVAxFEg9Y

— Ali (@ali_charts) February 15, 2024

At the time of publication, the price of Cardano was quoted at US$0.5886, down 0.7% in the last 24 hours. During this period, the cryptocurrency had a trading volume of US$641,885,679. Over the last seven days, Cardano has increased its value by 9.8%.

The Cardano ecosystem has been in the spotlight after an impressive report revealed 673% annual growth in the value of its stablecoin, with iUSD leading the market in terms of value. This development is just the tip of the iceberg, with the expected introduction of the fiat-backed stablecoin USDM by Mehen set for March. The inclusion of USDM promises to further diversify the stablecoin options on the Cardano network, alongside the existing iUSD, DJED and Wanchain.

Cardano’s fourth quarter was not just about stablecoin growth, but also marked a period of significant expansion across the entire ecosystem. According to Messari, both the value locked in USD (TVL) and the value of locked stablecoins have experienced notable increases of over 160% and 37%, respectively. This wave of liquidity catapulted Cardano from 34th to 16th place in the TVL rankings, according to data from DefiLlama.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.