Cardano Surges 18% Amid Analyst Predictions of 200% Pump

Cardano's native cryptocurrency has seen a significant surge in value over the past week, emerging as one of the best-performing assets. The token has been on an overall decline for the past year but started to recover at the beginning of August.

The return of 'whales', or large investors who purchased over 240 million coins in under a week, is seen as the main catalyst behind this resurgence. Analysts are now predicting further gains, with some envisioning a potential 200% pump.

One popular analyst noted that ADA's structure is 'absolutely bullish' after forming a series of highs and that it has one of the 'best-looking charts among major caps.' Another analyst predicted that recovering the key zone of $0.25 could trigger a full bullish reversal.

However, not all analysts are optimistic. The asset's Relative Strength Index (RSI) is currently in overbought territory, which can be a precursor to a move south. This puts ADA at risk of a pullback despite its recent gains.