This Cardano Breakout May Become Biggest Story of October

Many may think that Cardano (ADA) is a “dino coin” and a completely irrelevant asset amid current market realities. But the fact is that it is still a $30.75 billion token with an army of holders, admirers, stakers and an overall large community.

Yes, ADA is far from the hype and “fashionable” headlines of the crypto market, but its token commands almost $1.5 billion in daily volume and still has a chance to surprise many. As a new price prediction from popular analyst Ali Martinez indicates, this, by the way, has become much more probable.

Cardano (ADA) price prediction

According to Martinez, the Cardano token has reached the upper range of the mid-term descending trend channel, and the odds it will break out from it are as high as they last were in the middle of September. Back then, ADA failed to move higher; however, the third time may be luckier.

If the breakout happens, the next visible target for the Cardano token will be $1.10, which represents a surge of more than 22%. In market capitalization terms, that may mean an additional $6.83 billion added to the total figure. 

That is why it may become October’s biggest story for the crypto market, as the discussion involves billions of dollars for an asset that is not seeing any time in the spotlight right now despite being a top 10 cryptocurrency by market cap.

ADA’s identity crisis

There are risks, of course. Cardano is currently going through what may be called an identity crisis. Stablecoins, Bitcoin optimization, Ethereum “killer” — these are all the narratives that ADA enthusiasts, with Charles Hoskinson at the head, have tried to implement. But it seems that none of them have fully stuck to this token.

Who knows, maybe the price breakout is what is needed to break out of this crisis, and that could help Cardano return to the hottest spot on the crypto market.