Cardano (ADA) is poised for a remarkable bullish reversal, with predictions indicating a surge to $7.80, representing a staggering 1500% increase from its current price.
An analyst has identified a pattern similar to that of 2019/2020, suggesting that ADA could hit $1. Despite its current bearish phase, with declines of 4% in the last 24 hours, 5% in the last seven days, 23% in the last 30 days, and 19% in the last 90 days, ADA has the potential for a significant upward movement.
With a current price of $0.44 and a market cap of $15 billion, ADA has slipped to the 10th position in the crypto rankings, trailing behind Dogecoin and Toncoin. However, an analyst named JAVON MARKS points out a bullish formation that could propel ADA to $7.80, resulting in a 1500% surge.
JAVON MARKS explains that he has noticed a pattern similar to 2021, where ADA experienced a substantial retracement before reaching its all-time high of $3. Based on this observation, he predicts that ADA’s market cap could reach an astonishing $260 billion. Another crypto analyst named Trend River supports this bullish outlook.
Trend River believes that the current market conditions reflect the efforts of bears to push the price down. However, he expects them to become exhausted in the coming weeks, leading to a bullish reversal. This prediction aligns with Ali Martinez’s forecast, which envisions a parabolic spike that could drive the price of ADA as high as $10.
Cardano appears to be repeating its previous bullish cycle, suggesting the possibility of a brief correction before experiencing a parabolic surge towards $10.
In addition, prominent Cardano pundit Dan Gambardello anticipates ADA reclaiming the $1 zone in the next few weeks. Analyzing historical data, Gambardello notes that the last time ADA reached $1 was in April 2022, and it came close to this figure in the first quarter of this year. He predicts that ADA will surpass this point and achieve a new yearly high in the coming months. The weekly relative strength index (RSI) of ADA indicates an oversold condition, further supporting a bullish outlook.
Furthermore, ADA is currently converging on the 20-week moving average (MA), which often suggests bullish momentum. The last time ADA exhibited an oversold RSI signal, its price approached the 20-week MA. This consolidation phase resembles the 2019/2020 period when ADA surged from $0.03 to $0.08. Mapping this pattern to the present chart indicates the potential for ADA to reach $1 by August 2024. Long-term projections by Telegaon suggest that ADA could even reach $45 by 2030.
Cardano (ADA) is a cryptocurrency with strong potential for growth and development in the future.