The trajectory of the Cardano (ADA) towards US$1 continues to encounter some obstacles, with the cryptocurrency experiencing a significant pullback in recent days, reflecting the general slowdown seen in the cryptocurrency market.
Recent analysis has suggested that Cardano is poised for a significant breakout in its price. Cryptocurrency trading expert Alan Santana highlighted that the token is currently trading at a fraction of its potential. The analysis was shared in a publication on TradingView, on April 16.
In the analysis, the expert noted that 2023 was the year of recovery for Cardano. “Relief recovery and right now we are witnessing a correction that is set to produce a longer-term higher low and then a major bull market.”
The analyst shared his expectation that Cardano will be able to surpass the $7 price level next year, and could even reach the $8+ price zone when the cryptocurrency market enter its bullish phase. “The big green is expected to happen in late 2024 and most of 2025,” he said. “Cardano (ADAUSD) has been green for six consecutive weeks and today is the seventh; it won’t stay red forever.”
Also in opportunity, the expert signaled a Cardano “buy zone” for investors who intend to hold ADA long-term.
“If you want to ride the entire bull run, you would be wise to accumulate. Every time prices fall, buy and hold”, he added.
It is worth remembering that, after reaching a high close to $0,81 last month, Cardano (ADA) corrected its price drastically, showing significant lows in recent days and falling 31.9% in one month. Currently, the ADA cryptocurrency is trading near $0,45.
At the time of publication, the cardano price it was quoted at US$0,4577 with an increase of 6.4% in the last 24 hours. In the last seven days, the price of ADA has registered a 24.5% decline in value.
