Cardano Price Prediction: Historically Accurate Metrics Signal ADA Could Triple in Short Term

With ADA recently hitting a crucial level, Cardano price prediction is bullish, as the same pattern led ADA to triple in 90 days when last spotted.

Cardano (ADA), the 8th largest cryptocurrency by market cap at press time, seems to be heavily undervalued.

This observation holds bullish for ADA price, implying that if the crypto gains traction, it will be on the cusp of hitting new levels .

Cardano price prediction: Cardano is still one of the most bullish altcoins today

The data was recently shared by the crypto market intelligence platform Santiment, which explained that “Cardano now sits at its lowest relative position compared to its realized value since Jan 2019.” Santiment notes that the aforementioned is a major sign of undervaluation, which is tied to average trading losses.

The market saw the new development as a bullish outlook, as the same pattern, when last spotted, led to Cardano (ADA) tripling its price within 90 days.

As Santiment’s report quotes, “ADA’s price doubled the following 3 months the last time its MVRV Z-Score hit this level.”

Meanwhile, Cardano (ADA) remains amongst the decent performers in the list of top 10 altcoins. The asset, sits between Solana (SOL) and Binance USD (BUSD), both of which it has outperformed in weekly performance, currently at $0.35.

Recall that ADA price reached a high of $0.51 in early September, but the price dipped to $0.40 and continued to decline afterwards as the bulls failed to maintain price momentum.

However, the broader crypto market is largely bullish on Cardano. Excluding the recent bullish signals, leading market participants are optimistic that the asset and its ecosystem will soon have a strong performance.

One such player was prominent crypto proponent Ben Armstrong, the founder of Bitboy Crypto, who recently projected that Cardano would outperform Ethereum in the long term.

“I officially now believe that Cardano will eventually pass Ethereum in market cap & users. It won’t be soon, but ironically, the slow roadmap for full ETH 2.0 rollout will be the Achilles Heel. Timeline: 6-10 years.” asserted Ben Armstrong.

Another key player, Michael van de Poppe, suggested that ADA had recently reached a crucial level, unlocking an entry point for promising long positions.

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