Cardano

Cryptocurrency

Toncoin

when

April

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 <p class="paragraph">Cardano’s (ADA) journey toward $1 continues to encounter obstacles, with the token experiencing a significant sell-off mirroring the broader cryptocurrency market downturn. Indeed, recent price movements have led to the token being dubbed a “zombie crypto” due to its perceived failure to make substantial progress.</p>
 <p class="paragraph">Notably, in a <em>TradingView</em> post on April 16, cryptocurrency trading expert <em>Alan Santana </em>acknowledged that ADA is trading at a fraction of its potential. He highlighted that technical analysis suggests the token is primed for a significant breakout.</p>
 <p class="paragraph"><em>Santana’s</em> insights stem from his observation of market trends. He pointed out that 2023 marked a recovery year for Cardano, characterized by a relief rally. However, he views the ongoing correction phase as not a setback but a precursor to a substantial uptrend. <em>Santana</em> anticipates the formation of a <a rel="noopener noreferrer nofollow" title="long-term" href="https://thebittimes.com/tag/long-term.html">long-term</a> higher low, signaling the onset of a major bull market for Cardano.</p>
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 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="570" src="https://cdn.thebittimes.com/images/2024/04/16/10a808b7bff0c2bd489c33ab66e18e83.webp" alt class="wp-image-169245" srcset="https://cdn.thebittimes.com/images/2024/04/16/10a808b7bff0c2bd489c33ab66e18e83.webp 1024w, https://cdn.thebittimes.com/images/2024/04/16/10a808b7bff0c2bd489c33ab66e18e83.webp 300w, https://cdn.thebittimes.com/images/2024/04/16/10a808b7bff0c2bd489c33ab66e18e83.webp 768w, https://cdn.thebittimes.com/images/2024/04/16/10a808b7bff0c2bd489c33ab66e18e83.webp 1094w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>ADA price <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> chart. Source: TradingView/AlanSantana</em>
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 <h2 class="wp-block-heading" id="h-ada-s-next-price-target-nbsp">ADA’s next price target&nbsp;</h2>
 <p class="paragraph">Regarding potential price targets, the analyst suggested that the decentralized finance (DeFi) token could surge beyond $7 in the next bull run, representing a price target reflecting a remarkable increase of over 1,300% from the current valuation.</p>
 <p class="paragraph">Moreover, the analyst emphasized the importance of identifying the “buy zone” for investors looking to capitalize on Cardano’s <a rel="noopener noreferrer nofollow" title="long-term" href="https://thebittimes.com/tag/long-term.html">long-term</a> potential.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“We are expecting Cardano (ADAUSD) to go beyond $7 in 2025. It can even hit $8 or higher when the Cryptocurrency market <a rel="noopener noreferrer nofollow" title="enters" href="https://thebittimes.com/tag/enters.html">enters</a> its bull-market phase,” the expert noted.&nbsp;</p>
 </blockquote>
 <p class="paragraph">Amidst the projections, another crypto analyst,<em> Ali Martinez</em>, pointed out in early April that ADA was experiencing a slowdown in whale activity, signaling the potential for ADA price consolidation.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="457" src="https://cdn.thebittimes.com/images/2024/04/16/84979658af525a8fbb267a35e28cbfd7.webp" alt class="wp-image-169246" srcset="https://cdn.thebittimes.com/images/2024/04/16/84979658af525a8fbb267a35e28cbfd7.webp 1024w, https://cdn.thebittimes.com/images/2024/04/16/84979658af525a8fbb267a35e28cbfd7.webp 300w, https://cdn.thebittimes.com/images/2024/04/16/84979658af525a8fbb267a35e28cbfd7.webp 768w, https://cdn.thebittimes.com/images/2024/04/16/84979658af525a8fbb267a35e28cbfd7.webp 1536w, https://cdn.thebittimes.com/images/2024/04/16/84979658af525a8fbb267a35e28cbfd7.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>ADA whale transaction chart. Source: Santiment/Ali Charts </em>
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 </figure>
 <p class="paragraph">ADA has faced challenges recently, with the token losing its position as the tenth-largest cryptocurrency by market capitalization to Telegram-backed Toncoin (TON). The trajectory of ADA’s, much like XRP’s journey in this bull market, hasn’t captured traders’ attention as many other digital currencies have.</p>
 <p class="paragraph">Besides technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, ADA is also heavily reliant on development activity on the Cardano blockchain. Indeed, part of the development has seen the network record significant smart contract activity, amounting to 6,466 by the week ending April 12, while transactions have reached 89 million.</p>
 <figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://cdn.thebittimes.com/images/2024/04/16/fd445d3c1a178a12666086c92b7e202c.webp" alt class="wp-image-169247" srcset="https://cdn.thebittimes.com/images/2024/04/16/fd445d3c1a178a12666086c92b7e202c.webp 1024w, https://cdn.thebittimes.com/images/2024/04/16/fd445d3c1a178a12666086c92b7e202c.webp 300w, https://cdn.thebittimes.com/images/2024/04/16/fd445d3c1a178a12666086c92b7e202c.webp 768w, https://cdn.thebittimes.com/images/2024/04/16/fd445d3c1a178a12666086c92b7e202c.webp 1536w, https://cdn.thebittimes.com/images/2024/04/16/fd445d3c1a178a12666086c92b7e202c.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Cardano network development activity. Source: IOHK</em>
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 </figure>
 <h2 class="wp-block-heading" id="h-ada-price-analysis">ADA price analysis</h2>
 <p class="paragraph">At press time, ADA was trading at $0.45, having plunged by almost 7% in the last 24 hours. On the weekly timeframe, the token is down over 23%.</p>
 <figure class="wp-block-image aligncenter size-full"><img loading="lazy" decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/04/16/4ab06562c7d2fcec27d29ce9d66dd261.webp" alt class="wp-image-169248" srcset="https://cdn.thebittimes.com/images/2024/04/16/4ab06562c7d2fcec27d29ce9d66dd261.webp 675w, https://cdn.thebittimes.com/images/2024/04/16/4ab06562c7d2fcec27d29ce9d66dd261.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>ADA seven-day price chart. Source: Finbold</em>
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 </figure>
 <p class="paragraph">In the meantime, for ADA to mount a formidable push in the bull market, the crypto should first demonstrate attempts to reclaim $1, as it will serve as a guide to further gains.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/opportunity-cardano-enters-long-term-buy-zone-ahead-of-1-300-spike-tbt85477.html">https://thebittimes.com/opportunity-cardano-enters-long-term-buy-zone-ahead-of-1-300-spike-tbt85477.html</a></p>

Opportunity? Cardano enters long-term buy zone ahead of 1,300% spike

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