Cardano (ADA) is not a stranger in crypto circles. It has cemented its status as one of the top proof-of-stake (PoS) blockchains supporting decentralized application (dApp) development.
As a result, renowned market analyst Javon Marks believes that if higher lows continue forming in the Cardano network, the ninth-largest cryptocurrency might scale the heights and soar to the $2.77 level.
Marks pointed out, “ADA (Cardano) currently holding ANOTHER set of Higher Lows and these have recently been leading into higher upside moves for prices and with a target over +264% away at $2.7709 that is in play, the next leg towards can be a matter of time. Previous Bull Perfomance suggests much higher, such as $7.821502.”
The formation of higher lows followed by higher highs shows an uptrend since buyers have taken the driver’s seat, progressively pushing prices over time.
As a result, a bullish picture looms in the Cardano ecosystem, with ADA already recording an 8.2% increase in the past week to hit $0.7671, according to CoinGecko data.
Will Cardano Reclaim $1?
According to a market analyst who uses the pseudonym LaCryptoLycus, Cardano is undergoing an accumulation phase, as evidenced by the formation of a double bottom pattern.
Consequently, it might be a matter of time before the ADA soars to the psychological price of $1.
The analyst added, “Recently, ADA has shown a breakout attempt with increased volatility. If the price sustains above key support levels around $0.70 then it could lead to a bullish continuation above $1.00.”
With ADA witnessing heightened positive sentiment on social media following the SEC’s classification of it as “smart contracts for government services,” Cardano’s bullishness recently hit a four-month high.
