Cardano ($ADA) Analyst Eyes Bull Run Despite Lagging Market, Points to Potential 2,000% Surge

Cardano ($ADA), the eighth-largest cryptocurrency, has experienced a moderate year-to-date increase of around 6.5%. However, an analyst believes that the token has the potential to surge over 2,000% in the near future. The analyst points to key moving averages realigning on Cardano’s two-week chart, indicating a shift from bearish to bullish territory. This pattern has been observed before, preceding a significant price surge. If history repeats itself, ADA could surpass $12.60, quadrupling its current all-time high. The analyst emphasizes the importance of crucial support levels to maintain the bullish structure. Cardano has recently witnessed a rise in user activity, with the number of active wallet addresses reaching a one-year peak of over 600,000. Additionally, the total value locked (TVL) on its decentralized finance (DeFi) protocols has grown from $60 million to over $417 million. The increasing number of active addresses and the surge in TVL demonstrate Cardano’s growing popularity and adoption in the crypto space.