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Does the price of Cardano have the potential to breakout when reflecting the previous cycle of Bitcoin?
The price of Cardano (ADA) has once again plunged into the red amid a broader crypto market undergoing a correction, after recording slight gains in the early hours of trading in America. However, despite the recent volatile trading conditions, market experts remain optimistic about the future prospects of this coin.
To understand better, a well-known figure in the crypto market recently pointed out the correlation between the recent performance of ADA and the historical price surge of Bitcoin, predicting that it could soon explode.
ADA price is near zero: everything you need to know
The price of ADA today is trading close to zero, specifically at $0.674 at the time of writing, after reaching a high of $0.7013 in the last 24 hours.
On the weekly chart, the price of Cardano has decreased by more than 9%, but it has increased by about 4% over the past 30 days. In this context, many experts have predicted a potential boom for ADA in the near future. Notably, in the long term, a market expert has stated that it could reach $10 in the short term, creating optimism among investors.
Future Prospects of ADA Price
Although ADA has decreased in the context of the overall crypto market weakening, analysts remain optimistic. Some experts even suggest that the current performance of ADA is similar to the historical price surge of Bitcoin, hinting at a strong increase coming soon for this coin.
For more information, renowned expert Dalin Anderson has sparked discussions with his recent comments on the price of ADA. In a recent post on X, Anderson stated that he believes the price of Cardano is following a "super OPTIMISTIC model," reflecting the cycle of Bitcoin from 2012-2013. He also shared a chart showing that the market structure of ADA is very similar to the past explosion of BTC.
![Is the price of Cardano likely to breakout reflecting Bitcoin's previous cycle?](https://img.gateio.im/social/moments-3c18c334d9420a819ae59f96842a269201The price of Cardano mimics Bitcoin's 2012-13 cycle | Source: Dalin Anderson, XThe chart he shared predicts that the market capitalization of Cardano will exceed $130 billion in this cycle. With the current circulating supply of ADA around 35.34 billion, this could push the price to about $3.67 per coin. This indicates that ADA is preparing for a major breakout in the future.
However, this is not just a simple speculative excitement. Many crypto assets, including Bitcoin, have followed historical price patterns in cycles. If Cardano continues on this path, it may reflect the old trajectory of BTC and surprise investors with a strong advancement.
Can the price of Cardano rise to $10?
Amid optimistic predictions from market experts, analyst Dan Gambardello has captured the attention of investors. In a recent post on X, Gambardello predicts an optimistic price surge for Cardano, potentially reaching $10.
He also shared a price chart for ADA and asserted that "Cardano will explode." However, this expert noted that to reach this peak, ADA needs to break through the resistance level of $0.694 and then continue to rise past $1.1.
! [Is Cardano Price Likely to Breakout Reflecting Bitcoin's Previous Cycle?])https://img.gateio.im/social/moments-3ee204ce16b3dd354ae57e8cb3bedee5( ADA Price Prediction | Source: Dan Gambardello, In other words, breaking these levels could confirm the next bull run. Besides, recent developments in the Cardano ecosystem may further promote positive sentiment in the market.
According to a recent report, Cardano and Snek Memecoin have collaborated, which has attracted significant attention from traders.
Mr. Teacher