- Cardano has experienced a significant price decline in recent months.
- Despite this decline, analysts Kara Szabo and Ali believe that Cardano is a good investment for the long term.
- These analysts also believe that Cardano is well-positioned to benefit from the next bull market.
- Cardano is poised to face resistance around $0.22 and may bounce from here.
Believe it or not, Cardano was one of the top cryptocurrencies of the last bull run.
The cryptocurrency rallied by more than 1000% from mere pennies in 2017, to more than $3 in 2021.
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However, Cardano’s success was not without its drawbacks.
The last crypto bear market sent ADA down by more than 90%, from $3.1 to where it now sits around $0.24.
But what if someone told you that it isn’t over for ADA? What if someone told you that not buying Cardano right now was a big mistake?
Top analyst, Kara Szabo seems to think so.
In this article, we will run through a few tweets and metrics that indicate that ADA is a stellar investment.
Cardano’s Price Is “Too Good To Pass Up”
The rules of trading and making a profit in the crypto market are pretty basic if you think about it.
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Buy when it’s low, and sell when it’s high.
Crypto analyst, Kara Szabo, in a new tweet, just mentioned that she bought an additional $20,000 worth of ADA.
In the tweet, Szabo expressed her growing confidence in Cardano, and how she now holds an impressive 156,391 ADA tokens.
The analyst went further to mention that she intends to grow her holding to between 500,000 and 1 million tokens before the next bull run, earning her between $500,000 to $1 million if ADA so much as approaches $1.
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The analyst went further to say that ADA will rally to $5 in the next bull run, from a conservative standpoint, in a 20x price rally.
✅ Ada has a max supply of 45,000,000,000 tokens with approximately 35,045,020,830 of those tokens in… pic.twitter.com/k4Hs89q1lG
— Kara Szabo (@kararesurrect) September 9, 2023
“Now is the time to buy, stake, and wait for profit!” the analyst concluded.
Why Cardano Will Do Very Well In The Next Bull Run?
Despite its current woes in terms of price, Cardano is one of the most capable blockchains out there.
So far, ADA has processed a total of 74,816,203 transactions, with $22.79 billion in 3168 billion staking pools.
The amazing statistics on Cardano are one of the metrics that make the cryptocurrency the most poised to experience a massive price rally in the next bull run.
In particular, crypto analyst, Ali believes that ADA is going to pull off a 2,900% bull run, as it did after consolidating between 2018 and 2020.
According to a tweet from the analyst, ADA’s prices fluctuated from 2018 to 2020 between $0.10 and $0.028, for 665 days.
— Ali (@ali_charts) August 14, 2023
Right after this accumulation period, a bull run of 2,985% began and catapulted $ADA from $0.017 to $3.1.
“If history repeats itself, we may see $ADA breaking free around February 2024” the analyst mentioned.
This puts ADA’s predictive price in the next bull run, somewhere around $6 (similar to what analyst, Kara Szabo said).
Cardano’s Chart Formation Paints Bullish Picture
In the charts, we can see that ADA is in a falling wedge formation, as illustrated in the chart below.
Falling wedges are bullish formations, that suggest potential bullishness. They signify a coming price reversal and may be Cardano’s promise of a comeback in terms of price.
The likely course of action is that Cardano’s current dip may continue, with the bears bringing ADA into a retest of the wedge’s lower trendline (around $0.22).
ADA’s last retest of this trendline in early June printed a long-tailed doji, cementing this trendline as a strong support.
ADA seems unlikely to go below $0.22. However, a drop below this point would send the cryptocurrency into a bottomless spiral, into uncharted territory.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.