Top Trader States Why Cardano Is Not Overvalued, Predicts Over $10 ADA Price by the End Of 2021
Solomon Odunayo
3 min read
Cardano (ADA), the 5th largest cryptocurrency by market capitalization, has been accruing attention since the beginning of the year, following the swift rise to prominence in terms of price.
This magnificent rise cannot be termed a pump and dump considering the ongoing developments in the Cardano ecosystem. Despite the criticism around the crypto project, it continues to win the trust of many crypto big guns that matter, such as David Gokhshtein, the CEO of PAC Global, among others.
Another top trader and crypto strategist has recently sounded positive regarding the prospect of Cardano and its native token ADA.
Cardano (ADA) Is Not Overvalued
In a new thread of tweets, Justin Bennett, a well-known crypto trader, stated that Cardano (ADA) is currently not overvalued and the bull market of the digital asset is far from over.
In the tweet, Bennett is of the opinion that Cardano (ADA) has the potential to trade above $10 within the next few months.
The trader pointed out that ADA traded sideways for over a month in order to accumulate for a further uptrend, which confirms the fact that the cryptocurrency is not overvalued.
Justin Bennett tweeted, “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 think $10+ is achievable in the next five months.
Read Also: Charles Hoskinson Reiterates His Stance on Price and Value of Cardano (ADA)
“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 6 weeks tells me the market doesn’t believe it’s overvalued at all.”
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 6 weeks tells me the market doesn't believe it's overvalued at all.
— Justin Bennett (@JustinBennettFX) April 10, 2021
Read Also: UK-Based Challenger Bank Revolut Lists Cardano (ADA) and 10 Other Crypto
In another tweet, the crypto trader reiterated his prediction that Cardano (ADA) would surge 10x from its current prices by the end of 2021.
“ADA will likely do a 10x from current prices by the end of the year.”
$ADA will likely do a 10x from current prices by the end of the year. https://t.co/x8MowpN3Eg
— Justin Bennett (@JustinBennettFX) April 12, 2021
Read Also: Here Is Why Charles Hoskinson Says the New Version of Cardano Node Is Pretty Significant
Meanwhile, the price Cardano (ADA) has been on the increase over the last couple of hours after days of a sideways trend. At the time of filing this report, ADA is trading at $1.50, with about a 12% price upsurge in the last 24 hours.
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