Despite the growing bearish trend across the crypto market, a prominent Cardano community figure believes ADA is on track to reach a new all-time high this cycle.
Earlier this week, Cardano experienced a slight pullback with its price nearly dipping below $0.80. The retracement mirrors Bitcoin’s recent correction after the leading cryptocurrency hit a new all-time high earlier in the week.
Chris Bullish on Cardano Price Amid Growing Skepticism
Although the pullback has dampened market sentiment and tempered expectations for an immediate bull run, Chris O, a DRep in the Cardano ecosystem, maintains that his optimism for ADA’s breakout to a new high this cycle remains intact.
In an X post, the DRep said he is bullish on ADA’s prospects despite the prevailing bearish sentiment surrounding the token. In particular, he mentioned how community sentiment turned bearish when ADA plummeted to $0.30 a year ago.
Meanwhile, the downturn did not erode his confidence in ADA, and he remains bullish, just as he was in the past two cycles – 2017 and 2021. The statement indirectly draws a parallel to Cardano’s historical pattern, where ADA faced similar skepticism before witnessing explosive growth
For instance, many doubted ADA’s growth prospects in early 2021, when the token was worth less than $1. However, it rebounded later that year, hitting an all-time high of $3.10 in September 2021.
ADA Price to Hit $5-$8 This Cycle
Although the overall sentiment within the Cardano community has turned bearish, with ADA still trading 75% below its peak, Chris believes history will repeat itself. He predicted that ADA could rally to between $5 and $8 during this cycle.
From the current price of $0.8033, ADA requires a 522% rally to reach $5 and a 895% surge to hit $8. Interestingly, given Chris’s confidence in this prediction, he asked his followers to bookmark the post.
Meanwhile, other Cardano commentators have issued similar predictions in the past. As reported earlier, pseudonymous analyst Mr. Banana urged investors not to sell their ADA tokens until the asset price reaches $5 this cycle. Popular market commentator Alex Becker shared a similar bullish outlook, framing ADA’s potential rally to the $5 territory as an “easy move.”
Meanwhile, the $8 price target aligns with crypto analyst Dan Gambardello’s prediction, in which he outlined several strategic exit points for investors to secure substantial profits from Cardano during the current market cycle.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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