In style crypto analyst Dan Gambardello lately dropped a really bullish prediction for the Cardano (ADA) value. This analyst claims ADA is poised to surge to $11 within the subsequent prolonged bull cycle, an unbelievable 1700% achieve from its present value stage.

In contrast to many, the analyst didn’t simply pull that prediction out of skinny air. In keeping with him, the prediction was solely based mostly on ADA’s historic information and previous actions.

$11 Cardano is a really practical determine for bull market excessive based mostly on new information I simply found.

Video later explaining why.

— Dan Gambardello (@cryptorecruitr) December 12, 2023

Prediction Based mostly on Historic Worth Evaluation

Cardano has had the most effective value features amongst main altcoins this 12 months. This value spike has introduced in predictions from numerous analysts, with some predicting very bullish value factors than others. In keeping with a video shared by Gambardello, if historical past repeats itself, ADA may spike to a market cap of $400 billion by 2025.

How did he come by this quantity? Effectively, information has proven that the worth of Cardano (ADA) has at all times correlated with Ethereum’s (ETH) previous actions. A weekly timeframe chart shared by the analyst in a video on social media platform X confirmed that the final bull run in 2021 which noticed ADA attain its present all-time excessive of $3.10 was a mirror of ETH’s efficiency in 2017. Through the bull run in 2021, ADA spiked to a complete market cap of $93 billion, a 75% correlation with ETH’s $123 billion on the 2017 peak.

It’s vital to notice that at this primary stage, each Ethereum and Cardano weren’t well-known for his or her DeFi functionality. Now, it seems like ADA is on the point of enter the 2021 Ethereum first DeFi bull cycle section the place it peaked at a market cap of $546 billion.

Cardano’s blockchain has grown for the reason that first stage, with the community now one of many fastest-growing when it comes to DeFi and good contracts. If this cycle is in step with the earlier one, a 75% efficiency of ETH’s market cap peak will put that of ADA at $409 billion by 2025. At this level, ADA may speculatively be at a 4% whole crypto market dominance and peak over $11.

ADA value at $0.65 | Supply: ADAUSD On Tradingview.com

Gambardello accurately predicted ADA’s all-time excessive of over $Three in June 2020, one 12 months earlier than the crypto reached this value level. The analyst additionally famous one other state of affairs the place the spike doesn’t mirror 75% of Ethereum’s DeFi cycle. In keeping with him, a lesser market cap of $350 billion would put ADA at $10, manner larger than its present all-time excessive.

Present State Of Cardano

ADA is presently on a 13.81% achieve previously 24 hours, boosted by a $1.5 billion enhance in whale transactions. The crypto shot by to $0.6776, registering a brand new yearly excessive. On the time of writing, ADA is buying and selling at $0.6527, a 73% enhance from its December open of $0.376.

In keeping with one other social media submit by Dan Gambardello, Cardano is now at a call level between a continued enhance to $0.75 and a retrace to $0.41.