Cardano (ADA) has been making significant progress according to crypto analyst Javon Marks. Marks believes that ADA has broken the resisting trend and is on track to potentially see a 15x increase in its price. This positive outlook is further supported by recent price predictions, with analysts like Altcoin Daily and Ali Martinez also expressing bullish sentiments towards Cardano’s price potential.
Marks mentioned in a post that Cardano could rise to as high as $7.80 from its current price, which would represent a 1,500% increase for the crypto token. This projection is based on the fact that ADA has been showing major progress and attempted to move over 200% towards its first target at $2.77709. Additionally, the recent pullback faced by Cardano could potentially strengthen its position for a more parabolic rise in the near future.
Potential Reversal in Downtrend
In order for Cardano to experience such significant price increases, it would need to see a reversal in its current downtrend. Crypto analyst Trend Rider believes 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, it is possible that the bears will tire out, leading to a bounce from its current price level.
Dan Gambardello, the founder of Crypto Capital Venture, drew comparisons between Cardano’s price action in the current bull run and Ethereum’s price action in the last bull run. He noted that Cardano is currently at a similar level to where Ethereum was around the 2020 Bitcoin halving, suggesting that ADA could enjoy similar success to ETH in the previous bull run. Despite being down over 90% from its all-time high, Gambardello still expects Cardano to make a significant run in the near future.
Timing of Potential Bull Run
Gambardello also mentioned that Cardano’s bull run is expected to coincide with the Altcoin Season. However, the exact timing of this Altcoin season remains uncertain, as Bitcoin hit a new all-time high before the halving, which is a unique occurrence. The potential Altcoin season may not happen until December, according to Gambardello’s analysis.
Cardano (ADA) appears to be on the cusp of a major price increase, with analysts predicting a 15x rise in its value. While there are still uncertainties surrounding the timing of potential bull runs and Altcoin seasons, the overall sentiment towards Cardano remains bullish. Investors and traders should closely monitor ADA’s price movements in the coming weeks to capitalize on potential opportunities for profit.
Leave a Reply