Altcoins

Cardano Price Still Undervalued, Will Reach $10 This Year! Says Popular Analyst

Well-known Crypto trader and strategist Justin Bennett has opined Cardano Price is still undervalued and the bull run is not over yet.

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The trader took to Twitter to tell his 39,200 followers that ADA’s price has been moving sideways for six weeks, and this means the market doesn’t believe it’s overvalued at all. 

He also tweeted that he has been accumulating Cardano as he thinks the recent consolidation is setting the platform up for a big breakout in the near future.

“Starting to build a sizeable ADA position. I’ve held some for a while but adding to it here. Anything between $1.10 and $1.30 is fair game…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.”

Cardano (ADA) Price to Reach $10 by End of 2021

The trader goes on to place his prediction for the price by the end of 2021, he believes the token can 10X from its current prices and reach the $10 level.

While $10 is his conservative prediction, $20-$30 wouldn’t surprise him either he adds.

Even though he has been ultra bullish of Cardano, he believes the bears are still in control until its price takes out a key level.

“The jury is still out on whether the bottom is in for ADA. Markets are flirting with some big support levels, and ADA remains below $1.50. As such, I have to respect the short term bearish scenario”.

Cardano Price Analysis

At the time of writing, Cardano is trading at $1.34 with a 1.07% rise in the last 24 hours. ADA Price is gaining pace above the $1.30 and $1.32 support levels. The altcoin is facing hurdles near $1.355, above which the price could revisit $ 1.40. Any more gains could lead the price towards the $1.50 resistance level.

A breakout might be delayed over the coming sessions as the bulls gather strength for a northbound move. The $1.30 level must be monitored by traders, as a move below this point could lead to a breakdown from the triangle.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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