Despite a strong move last week, Cardano (ADA) started the new week on a rather subdued note, with volatility remaining low through Wednesday. ADA was trading at $0.348 at press time, marking a 3.98% drop over the past 24 hours.
This downturn also saw the cryptocurrency fall further in the market capitalization rankings, slipping to the 11th position. With a capitalization of around $12.5 billion, ADA now sits behind cryptocurrencies like Ton, Tron, DOGE, and XRP.
However, this short-term dip hasn’t deterred analysts, who are optimistic about ADA’s long-term prospects. Many believe that the current consolidation phase is long overdue and that the cryptocurrency is poised for a significant upward movement shortly.
Notably, one of the more bullish predictions comes from a popular analyst, Sebbi.
“This move seems highly probable. I think it can go even higher depending on how bullish the environment can be. $10-$15 is possible this cycle,” the pundit tweeted Monday, referring to the potential price target for ADA in 2025. If Sebbi’s prediction holds, ADA’s price could skyrocket to 15 to 20 times its current value by 2025.
Elsewhere, Dez.ETH, the host of the popular YouTube channel “Discover Crypto” with over 1.4 million subscribers, strongly believes in ADA’s potential. In his recent video, the pundit highlighted Cardano’s ongoing upgrades, particularly the Chang hard fork, which he believes will catalyze ADA’s price recovery.
“Cardano’s experiencing a major upgrade as we speak, and the Cardano Bears… are about to get wrecked,” Dez.ETH noted, emphasizing the community’s renewed energy as ADA approaches what he sees as a bottom.
Chang is expected to transform Cardano’s ecosystem by introducing on-chain governance and a community-driven treasury system. As Charles Hoskinson, the founder of Cardano, recently hyped, “Rocket is on the pad!” This sentiment reflects the excitement within the community as they prepare for what could be a defining moment in ADA’s journey toward greater decentralization and growth.
The pundit also highlighted the ADA Relative Strength Index (RSI) on the 3-day chart, which has been showing higher lows, which often precede significant price increases. Reflecting on a similar scenario from October 2023, Cardano’s price tripled from $0.25 to $0.75, and a similar move is anticipated. If history repeats itself, the analyst noted that ADA could rally from its current levels of around $0.33 to nearly $1 by Christmas 2024.
Other analysts echo this sentiment. On TradingView, analyst Kledjikuni noted that ADA had recently completed a bullish triangle pattern.
He suggested that the price could retest $0.35 before pushing higher, with potential targets of $0.3870 and $0.4180.
