Cardano price is struggling today, July 29, with a 3.7% drop in 24 hours to trade at $0.795. However, an analyst notes that this drop might just be temporary. His analysis comes at the same time that Cardano founder Charles Hoskinson has said that ADA can outperform Bitcoin.
Analyst Forecasts Cardano Price Rally to $1.60
Analyst Crypto King on X remains unfazed by the recent drop in ADA price. He has come forward with a bullish Cardano price forecast that takes note of a symmetrical triangle pattern. He notes that the price is toying with the triangle’s resistance. That means that if there is a strong push, ADA might get to as high as $1.40 or $1.60. After this gain, the next stop will be a record high. He notes,
“Cardano a day chart is just a bliss to watch. Imagine the pull once this level breaks out. At least 1.4-1.6$ and then ATH.”
Crypto King is not alone in his belief that Cardano might get to $1. Last week, a CoinGape analysis spotted a pattern suggesting Cardano could reach $1.35, especially with the news around the Glacier Airdrop.
However, there is only one way that these patterns are going to play out, and this is if there is buying support. Currently, the daily swings show that there is a tussle between buyers and sellers, and this is why the Cardano price trend has not settled on either an uptrend or a downtrend.
To read higher time frame ADA price prediction, you can our full length coverage in the attached link.
Now that leverage is leaving the market, there might just be room for gains. In just two days, more than $6M longs have been closed. What this means is that there is room for a healthier run to happen, without the longs that are near their liquidation price being forced to wind down.
Charles Hoskinson says ADA is Better Than Bitcoin
Hoskinson has been one of Cardano’s biggest proponents. Just a few days after he said that ADA will be bigger than Ethereum, he has now stated that it is also better than Bitcoin.
In a recent interview, he mocked opinions where people were being urged to sell their ADA and buy Bitcoin instead. According to him, ADA was not a “second-class citizen” and the price had a lot of potential.
“How much farther can Bitcoin go? Maybe to $1 million, okay, that’s 10x. ADA can go 100x, 1000x… Cardano does substantially more.”
Going with Hoskinson’s overly optimistic view, the Cardano price would reach $800 if it gained 100x and $8,000 if it surged 1000x.
To sum up, the ADA price appears to be in a good place even if traders are selling now. If the price goes the way that analyst Crypto King outlines, getting to $1 might just be the first step towards a bigger rally.
Frequently Asked Questions (FAQs)
Cardano price can reach $1 after an analyst spotted a symmetrical triangle whose breakout may push ADA to $1.60.
Charles Hoskinson believes ADA can outperform Bitcoin, especially in the long term, considering that it can make 100x or 1000x gains, which is not the case for BTC.
The factors likely to drive the next ADA rally include buying activity and network growth.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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