Cardano price started the year well, rising for the initial two days. ADA rose by nearly 3% to $0.3655, mirroring the performance of other tokens like Bitcoin, Ethereum, and XRP. One crypto analyst believes that the ADA price has more upside in the coming weeks as key catalysts like Midnight and Leios launch align.
Crypto Expert Predicts a Resilient Cardano Price Surge
Jason Appleton, a popular crypto analyst with nearly 60,000 followers on X, has delivered an encouraging ADA price prediction. In an X post, he predicted that the coin would jump to between $0.49 and $0.75. A move to the upper side of his forecast would mean a 103% surge from the current level.
Most notably, the analyst predicts that it may jump to $2.5, which would mean a 580% surge from the current level. With Cardano having a market capitalization of $13 billion, such a move would bring its market capitalization to over $88.4 billion.
Appleton noted that the surge would happen if key catalysts align. One of these catalysts is his view that the Bitcoin price will eventually jump to $200,000 by the end of the first quarter. Such a move would be bullish for the broader crypto market as altcoins normally do well when Bitcoin is rising.
Cardano Has Key Catalysts This Year
Cardano price has other catalysts, with the upcoming Midnight mainnet launch being the most significant. The launch will happen in the current quarter after the developers unveil the NIGHT token. Data shows that NIGHT’s token has gained a market capitalization of over $1.4 billion and is one of the most traded tokens.
Midnight hopes to be the biggest player in the Cardano ecosystem. It will be a sidechain built using zero-knowledge proofs, which is notable as most analysts are predicting that privacy will be a key theme this year.
Cardano has other catalysts this year, including the upcoming Leios upgrade that will dramatically boost its network speed. Its goal is to match the speed of other networks like Solana and Sui.
Most importantly, Cardano has removed about 70 million ADA tokens from its treasury to implement some key changes. For example, the developers hope to introduce more oracles, stablecoins, and analytics tools to the network. Pyth Network, one of the biggest oracle networks in crypto has already integrated with Cardano.
ADA Price Technical Analysis
The three-day chart shows that the Cardano price bottomed at $0.3271 this week and then bounced back to the current $0.3722. It has formed a bullish engulfing pattern, which happens when a bullish candle covers a bearish candle fully.
The two lines of the MACD indicator have formed a bullish crossover pattern. Also, the Relative Strength Index (RSI) has moved from the oversold level of 26.40 to the current 34.3 and is pointing upwards.
Therefore, there is a likelihood that the token will rebound as bulls target the key resistance at $0.5111, the lowest point in January, April, and June last year. This initial target is about 40% above the current level.