Analyst Clifton Fx predicts Cardano’s price could see a 100% to 150% uptick once the cryptocurrency firmly crosses the $1 barrier.
Cardano’s ADA (ADA) hovered just below $1 in early morning trade on Thursday, after briefly topping the mark earlier as it tested the key resistance level.
In a post on X, Analyst Clifton Fx said they anticipate Cardano’s price could see a 100% to 150% uptick once the cryptocurrency firmly crosses the $1 barrier. They confirmed that there has been a bullish flag upside breakout as per the three-day timeframe, and think this rally could happen in the “coming weeks.”
Cardano’s price was trading at around $0.96 at the time of writing. Retail sentiment around the altcoin surged to ‘extremely bullish’ from ‘neutral’ over the past day, with chatter rising to ‘high’ from ‘normal’, according to Stocktwits data. ADA’s ticker was among the top trending on the platform during early morning trade.
ADA’s upswing comes as the altcoin market seems to be on the cusp of entering altcoin season, which is determined by the performance of altcoins against Bitcoin (BTC). The Altcoin Season Index currently stands at 41. Its prior yearly high was in December last year, when it hit 87, according to CoinMarketCap data.
Another analyst, Trader Jibon, predicted that Cardano’s price could reclaim its November peak of $1.32, which represents a potential upside of around 37% from current levels. Meanwhile, analyst Ali Martinez sees ADA as on the verge of a breakout to $1.50.
Crypto analyst Javon Marks predicted the largest target of $2.90, representing a potential upside of around 200% from current levels in the long term. He also stated it is likely to reach $1.20 in the near term.
Earlier this week, Grayscale registered the Grayscale Cardano Trust ETF in Delaware, potentially paving the way for an SEC S-1 filing that could lead to the launch of regulated investment products tied to the digital asset.
Cardano’s price has gained more than 14% this year and more than doubled over the past 12 months.
Read also: Bitcoin Rally Cools After Record High – ADA Tops Altcoin Gains As Traders Await PPI, Jobless Claims Data
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