Analysts predicted a 100% growth of the Cardano cryptocurrency

Cryptocurrency market analysts predict a possible doubling of the value of the Cardano token (ADA). This optimistic forecast is based on the formation of a bullish pattern on the ADA price chart.

Over the past day, the value of Cardano has increased by 4%, reaching $ 0.3589. This made ADA the 11th largest cryptocurrency with a market capitalization of over $ 12.9 billion.

A falling wedge pattern has formed on the daily chart of ADA, which is considered a bullish signal. If the upper boundary of this pattern is broken, the price of Cardano could rise to $ 0.7, which would mean 100% profit for investors.

Some on-chain metrics support the possible growth. In particular, the MVRV indicator has moved into the positive zone, and public interest and social activity around the project have increased. Technical indicators also show positive signals. The MACD has formed a bullish crossover, and the RSI is showing an uptrend.

However, there are also risk factors. A sharp increase in NVT may indicate a revaluation of the token. The Fear and Greed Index is in the «greed» zone, which often precedes a correction. In the case of a negative scenario, the ADA price could drop to $ 0.28. If the bullish forecast is realized, the first target may be $ 0.45.

It is worth noting that only 22% of Cardano investors are currently in the black. A successful breakout of the falling wedge pattern could significantly improve this figure, analysts said.