Cardano has shown weakness recently, however analysts say to be patient as ADA could increase 20x.
Recently, analyst Alexander Legolas had a post on social network X to address the concerns of some investors as they said Cardano (ADA) are underperforming in the current market cycle.
Legolas argued that in previous historical cycles other altcoins usually grow vigorously after going through a weakening phase that displays similar graphs as ADA. He urged investors to pay attention and avoid missing out on opportunities his impatience.
Some of you are extremely critical of $ADA & think ADA Is UNDER performing this cycle when the truth is the part of the cycle for ALTCOINS to perform isn’t even here yet. MOST prominent Alts LOOK EXACTLY like the ADA CHARTS. PAY ATTENTION least you miss opportunity because of… pic.twitter.com/oRfHFZWXB4
— Alexander Legolas (@ShillMoBaggins) June 17, 2024
ADA has 20x upside potential based on historical performance
Notably, another famous analyst who goes by the moniker Deezy, highlighted ADA’s impressive performance during the most recent bull run, when it achieved 150 times profit margin, increased from $0.02 to over $3.00.
Based on historical data, Deezy said 20 times profit in the current cycle, going from a low of $0.25 to over $5.00 seems reasonable.
Last bull run $ADA did a 150X!
From $0.02 to over $3.00!
A 20X this cycle from the low of $0.25 to over $5.00 seems reasonable
Thoughts? 🤔 pic.twitter.com/EO7HrCbTYl
— Deezy.eth (@deezy_BTC) June 17, 2024
However, there are still some other analysts who believe that Cardano’s weak performance will continue until the market has more positive fluctuations.
At the time of writing, ADA sees a notable drop of 9.21% over the last 24 hours and is currently trading for $0.3715.
When will SHIB price recover?
