It’s been just revealed that an important trader and crypto strategist is saying that Cardano (ADA)’s bull market is not over yet.
ADA is still undervalued
The online publication the Daily Hodl notes that analyst Justin Bennett said that he believes Cardano (ADA) may still be undervalued.
“A lot of people are trying to tell me ADA is overvalued. We’re in a crypto bull market. That means 99% of cryptos are or will be massively overvalued by conventional valuation models. ADA moving sideways for six weeks tells me the market doesn’t believe it’s overvalued at all.”
The trader adds that he’s accumulating Cardano as he believes the current consolidation sets up the smart contract platform for a massive breakout.
“Starting to build a sizeable ADA position. I’ve held some for a while but adding to it here. Anything between $1.10 and $1.30 is fair game… I don’t buy markets that are going vertical. I buy markets that went vertical recently and have since gone sideways for over a month. That’s a recipe for the next leg higher.”
As for his year-end target for Cardano, Bennett says the Ethereum competitor surge above $10 before 2021 comes to an end.
“ADA will likely do a 10x from current prices by the end of the year.”
At the moment of writing this article, ADA is trading in he green and the coin is priced at $1.36.
Cardano in the news
Cardano has been making a lot of headlines lately.
The pseudonymous host of Coin Bureau is sharing his thoughts on some of the advantages Cardano has in the race with Ethereum as the top smart contract platform.
In a new video in which the analyst known as Guy made sure to reveal his top crypto holdings, he said that Cardano (ADA) comprises just under 8% of his portfolio.
Stay tuned for more news.