In a recent analysis by crypto analyst Javon Marks, Cardano (ADA) has been identified as a cryptocurrency that is primed to make a significant move to the upside. Marks points out that ADA has shown major progress since breaking the resisting trend, indicating a potential for substantial growth. He mentioned in a social media post that ADA attempted to move over 200% toward the first target at $2.77709, and the recent pullback faced by Cardano could actually strengthen the crypto token to achieve an even more parabolic rise.
According to Marks, Cardano could potentially rise to as high as $7.80 from its current price, representing a 1,500% increase for the cryptocurrency. This prediction aligns with the sentiments of other crypto analysts, including Altcoin Daily, who suggested that Cardano might rise to $9 in the current bull run. Another analyst, Ali Martinez, made an ultra-bullish case for Cardano by drawing parallels to its price action in 2019 when it experienced a price gain of over 4,000%. While Martinez acknowledged that history might not repeat itself, he believes that Cardano could still make an impressive move similar to 2019.
For Cardano to experience such parabolic moves, a reversal in its current downtrend is necessary. Trend Rider, another crypto analyst, hinted that this reversal could happen soon as ADA is still holding its support level. If Cardano manages to maintain this support for 1 to 2 weeks, the bears will likely tire out, and the cryptocurrency will bounce from its current price level.
Dan Gambardello, the founder of Crypto Capital Venture, drew comparisons between Cardano and Ethereum in terms of price action during bull runs. He believes that Cardano is currently at a similar level to where Ethereum was around the 2020 Bitcoin halving, indicating the potential for a similar success story. Gambardello also pointed out that Cardano is still down over 90% from its all-time high months after Bitcoin halved in the last bull run, suggesting that a significant run could be on the horizon.
Gambardello hinted that Cardano’s bull run might coincide with the Altcoin Season, although the exact timing remains uncertain. He speculated that the Altcoin Season might not kick in until December, especially since Bitcoin hit a new all-time high before the halving, something that has never happened before. Nevertheless, the overall sentiment among analysts is positive, with expectations of a strong performance from Cardano in the near future.
Cardano (ADA) appears to be in a favorable position for a significant price increase, with various analysts predicting a potential 15x rise. Factors such as historical trends, market conditions, and price comparisons to other cryptocurrencies like Ethereum point towards a bullish outlook for Cardano in the upcoming months. While the exact timing of Cardano’s bull run and the Altcoin Season remain uncertain, the overall sentiment is optimistic about the future of this cryptocurrency. Investors and enthusiasts alike will be closely watching Cardano’s movements in the market to see if these predictions come to fruition.