After breaking in the crypto top 10 by market cap and with 3.597% gains over the past year, Cardano (ADA) seems to be laying low. At the time of writing, ADA trades at $1,24 with 1.7% profits in the daily chart and 6.4% in the weekly chart.
Cardano’s native token and its platform are moving towards a major milestone. Targeting a Q3 entry into DeFi with Hard Fork Combinator Alonzo.
Bullish investors are betting on ADA’s further appreciation. Analyst Justin Bennett claims this token next rally will happen by the end of April. Around this time IOG should be stress-testing its smart contracts platform, Plutus.
ADA moving sideways for 6 weeks tells me the market doesn’t believe it’s overvalued at all. I don’t buy markets that are going vertical. I buy markets that went vertical recently and have since gone sideways for over a month. That’s a recipe for the next leg higher.
By the end of the month, ADA could target $2, as indicated by the chart below, and then could go for a higher price at $3 in the coming months.
In the 2017 bull run, ADA peaked at $1,18 therefore Bennet claims it could a 10x from its current price. Comparing ADA to Bitcoin, the analyst said the latter has “never done less than” a 10x profit in a bullish cycle. He added:
Smart contracts capabilities closing in on Cardano
Throughout March and April, the IO Global team has been gradually combining the Alonzo rules with the Cardano node and ledger code (…). We expect the Alonzo upgrade (hard fork) to happen in late summer, and we will announce a firm date in April’s Cardano360 show.