A high-profile trader and crypto strategist is saying that the Cardano (ADA) bull market is far from over.
In a new tweet, analyst Justin Bennett tells his 39,200 followers that he believes Cardano, which is currently trading at $1.42, may still be undervalued.
“A lot of people are trying to tell me ADA is overvalued. We’re in a crypto bull market. That means 99% of cryptos are or will be massively overvalued by conventional valuation models. ADA moving sideways for six weeks tells me the market doesn’t believe it’s overvalued at all.”
[adinserter block="1"]The trader adds that he’s accumulating Cardano as he believes the current consolidation sets up the smart contract platform for a massive breakout.
“Starting to build a sizeable ADA position. I’ve held some for a while but adding to it here. Anything between $1.10 and $1.30 is fair game… I don’t buy markets that are going vertical. I buy markets that went vertical recently and have since gone sideways for over a month. That’s a recipe for the next leg higher.”
As for his year-end target for Cardano, Bennett says the Ethereum competitor can potentially skyrocket to above $10 before 2021 expires.
“ADA will likely do a 10x from current prices by the end of the year.”
While the trader is long-term bullish on Cardano, he believes the bears are still in control until its price takes out a key level.
“The jury is still out on whether the bottom is in for ADA. Markets are flirting with some big support levels, and ADA remains below $1.50. As such, I have to respect the short-term bearish scenario.”
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