Cardano (ADA) Price History Shows 153% Surge Might Be Lurking Around

Thu, 11/16/2023 - 09:25
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Cardano (ADA) is on a major rampage today, joining the hoard of altcoins pushing for new heights today. At the time of writing, Cardano is trading at a spot price of $0.3993, up by 10.2% in the past 24 hours. Effectively, Cardano's current growth trend has helped it pare off all outstanding losses, with the digital currency now up by 7.72% in the trailing seven-day period.

Cardano's Bullish Breakout: ADA Eyes 20% Jump as Volume Surges

Cardano's performance thus far has been wavy, with the sentiment around the Bitcoin spot ETF shaping investor action. Taking to the X platform, top analyst Ali Martinez shared new perspectives on Cardano's growth trends, noting that the coin's current bullish consolidation is like a reflection of its past.

According to Martinez, the price trend of ADA mirrors related events that played out in the 2018-2020 era, just before the COVID-19 pandemic came on the scene. The analyst predicts that should the current surge push the coin above the $0.45 resistance point by early December, Cardano could soar toward the $0.75 mark.

Should this projection come to pass, this would be Cardano's highest price since May 2022. On the upside, This price could soar as high as $1 in the long term, a growth level that would imply a 153% surge from the current level.

How High Can Cardano (ADA) Ride Current Market Momentum?

Bolstering Cardano fundamentals

Every crypto project has two unique facets to their price action, and this includes the technical and fundamental parts. While Martinez has projected hope based on technical considerations, Cardano is not sitting on its laurels when it comes to building innovative protocols that can largely drive adoption.

From Mithril going live on the mainnet earlier in the year to the launch of Lace Wallet, Cardano's parent company, Input Output Global, has been hands-on at work year-round. The Midnight Protocol that is currently being publicized also adds to the mix, cementing the thesis that Cardano has all it needs to fundamentally sustain its bullish growth projections.