Cardano (ADA) is showing significant signs of reclaiming the psychological price of $1 if it follows in the footsteps of BNB.

Renowned market analyst Ali Martinez acknowledged, “If BNB is front-running the market, we should expect a similar price action for Cardano.”

Therefore, if this analysis is successful, ADA will return to the $1 price level.

With its uniqueness tied to its proof-of-stake (PoS) consensus mechanism called Ouroboros, Cardano verifies transactions by splitting them into smaller epoch chains, making the network infinitely scalable.

As a result, Cardano has become one of the sought-after blockchains in terms of development. 

Is Cardano’s Parabolic Rally on the Horizon?

According to Martinez, Cardano might be experiencing the calm before the storm since, based on historical data, the ninth-largest cryptocurrency has all it takes to surge to the $15 zone.

The analyst pointed out, “Looking back at history, Cardano seems to be repeating the same pattern from 2020 to 2021 at a slower pace, which could soon lead to a parabolic rally.”

Martinez added that if ADA is able to sustain a close above $0.73, then the altcoin is in for an upswing.

At the time of writing, Cardano was hovering around the $0.782 zone, according to CoinGecko data.

Meanwhile, Cardano founder Charles Hoskinson recently suggested using the network as an audit layer for the U.S. Treasury’s $7 trillion budget.

The post By Mirroring BNB’s Trend, Cardano Eyes Reclaiming the Psychological Threshold of $1 appeared first on Zycrypt.