Analysts expect Cardano to recover from the price drop once the consolidation phase in the ADA price trend is over. Historically, Cardano price has rallied hugely at the end of most consolidation phases. Therefore, analysts expect the increased adoption and use of ADA to accelerate the rise from the consolidation phase.
Cryptobadger: Cardano on track to rally 100%
The Cardano price has fallen steadily over the past two weeks. Cardano’s main competitor, Solana, has surpassed ADA by market cap and is no longer among the top five cryptocurrencies. Worse, the price continues to drop, despite Cardano’s recent partnerships and an increase in the number of projects being built in the ADA ecosystem. According to analysts, since this is a trend, an increase between 100% and 160% can occur. Also, the ADA price target could be $4-$5 depending on the historical trend in the ongoing rally. Cryptobadger, a cryptocurrency analyst, believes:
…long consolidation phases are actually very typical for ADA. As you can see in the chart below, we experienced similar patterns around November-December 2020, again in January 2021, and then from late February to late April. Each of these consolidation phases was 4 to 8 weeks long.
cryptocoin.com As we have reported, Cardano has been powering DeFi projects since the successful implementation of the Alonzo hard fork. Top projects SundaeSwap (DEX), DeFi protocol Meld, and browser extensions for decentralized applications such as Yoroi have driven ADA adoption and increased on-chain efficiency.
Conclusion
Alongside the increased adoption and projects built into the ecosystem, the consolidation of around $2, which includes ADA, is an accumulation process and part of the trend, according to analysts. Cryptobadger, on the other hand, is targeting $ 4-5 with an increase of 100% – 160%.
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