Amidst another market correction, there are more and more price predicitons about some altcoins. The latest one that we will address today is Cardano’s ADA.
New ADA price prediction is out
It’s been just revealed that the host of popular crypto channel Coin Bureau recently addressed the reasons why the price of Cardano (ADA) could recover and reach new all-time highs in the coming months.
As the online publication the Daily Hodl notes, Cardano surged to its all-time high of $3.10 in early September, but it has since endured a severe price correction of more than 59%.
At the moment of writing this article, ADA is trading in the red just like most other important coins and the digital asset is priced at $1.23.
In a new video, Coin Bureau’s pseudonymous analyst Guy explained that there are a number of reasons to still be bullish on Cardano.
“The good news is that there are lots of institutional funds with exposure to ADA, such as Grayscale’s Digital Large Cap Fund, and it looks like a few of these funds have been accumulating ADA over the last few months.”
He continued and said:
“Many Cardano DApps [decentralized applications] are also scheduled to deploy in the coming months, and these are likely to create the demand ADA needs to conquer its previous all-time high.”
How high can ADA surge in the coming months?
He also made sure to point out the fact that ADA’s long-term technicals suggest it could rise as high as $4 in the coming months.
On the other hand, Guy notes if ADA fails to break past $1.70, it could form a head-and-shoulder pattern.
As the same online publication mentioned above notes, this is “a price structure used to identify a trend reversal. Such a reversal could take ADA back to 2020 lows below $0.30,” according to the analyst.