An analyst examining historical data on the Cardano price suggested that a potential 40x increase from the current level is possible. lasted.
Analyst Tim Warren reminded his followers on X how Cardano jumped from 2020 lows to an All Time High (ATH). He hypothesized that if history repeats itself, a potential journey to a new ATH is possible.
Tim’s optimistic prediction for ADA is illustrated in a chart showing the asset’s historical trend. ADA, which was $1.3090 in January 2018, fell to $0.018926 in March 2020, a decrease of 98%. This level did not last long before a steady movement emerged according to the chart.
Cardano recorded a massive 16,500% increase from this low to record an ATH of $3.1309 in September 2021. Currently, ADA price is fixed at $0.2523.
Although the analyst believes that reaching 165 is unrealistic for now, he noted the possibility of ADA rising to 40x, which could push the price to $10. One of the main justifications for this is that during the bull rally from 2018 to 2020, Cardano did not launch smart contract functions.
Cardano remains one of the most functional blockchain networks per developer contribution, but its massive efforts have no impact on its investors. Data from IntoTheBlock (ITB) shows that lost addresses on Cardano have dropped to 92.83%.