Analysts predict a new all-time high for Cardano

Cryptocurrency analysts predict that the Cardano token ADA $0.20 Cardano -0.10% Market capitalization $7.39 billion VOL. 24 hours $19.29 million may reach new record highs despite a temporary decline to below $ 1.20. After rising by 15% over the past seven days, ADA remains in the spotlight of the cryptocurrency market with the prospect of further price increases.

Although ADA is currently trading in a downtrend, a rebound from support levels in the range of $ 0.64 to $ 0.94 is expected. This could be a favorable moment for investors planning to enter the market. On small time frames, there is a potential to reach the following target levels: $ 1.42, $ 1.72, $ 2.36, and even $ 2.95 in the case of the so-called «euphoric phase».

At the time of writing, ADA’s price reached $ 1.19, its market capitalization is $ 41.82 billion, and daily sales reached $ 2.46 billion.

The growing dominance of bitcoin is affecting the market of altcoins, including Cardano. However, ADA is not losing ground, but is temporarily trading in a sideways movement, which remains part of the overall strategy.

It is noted that the breakthrough of $ 1.25 could be a signal for an increase. Overcoming the $ 1.32-$ 1.33 level will be more significant, which will open the way to new targets. If ADA maintains the current market structure, the next target levels may be $ 1.49 and $ 1.55.