After the price of Cardano’s ADA moved up over 49% over the last 30 days, a popular cryptocurrency analyst has noted that it’s current consolidation trend “eerily mirrors” that of 2018-2020, without the COVID-19 crash.
According to popular cryptocurrency analyst Ali Martinez, if the trend is to repeat itself the price of ADA could break through the $0.45 resistance in early December, which would set it up for a surge to $0.75 by the end of next month.
As CryptoGlobe reported, Cardano’s precent price performance has seen 38% of ADA holders be in a state of profit on their investment, in a rise that came amid growing adoption, which is clear by the growth of its decentralized finance (DeFi) ecosystem.
Data from DeFiLlama shows that the total value locked (TVL) on Cardano’s DeFi protocols has grown from around 200 million ADA at the beginning of the year to now stand above 700 million tokens. In USD terms, the TVL grew from $50 million to $267 million at the time of writing.
Moreover, Cardano has also maintained its top stop in cryptocurrency development activity after surpassing the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM).
Cryptocurrency analysts are notably bullish on the smart contract platform, with price predictions suggesting the cryptocurrency will rise to around $10 in 2024, up from its current level of $0.36.
More bullish price predictions suggest the price of Cardano will explode over the next year to reach the $30 mark, with crypto analyst Lucid basing this prediction on global inflation acting as a catalyst for the cryptocurrency market’s total capitalization to grow past the $10 trillion mark.
It’s worth noting that institutional investors are showing interest in Cardano. According to CoinShares’ latest Digital Asset Fund Flows report, Cardano-based investment products attracted over $800,000 last week, bringing the total investment for the year to $8 million.
Featured image via Unsplash.
