Cardano (ADA) is showing strong potential for an upward movement, according to crypto analyst Javon Marks. Marks highlighted the major progress ADA has made since breaking the resisting trend, noting that the crypto token attempted to move over 200% towards the first target at $2.77709. This recent pullback faced by Cardano could actually strengthen it for a more parabolic rise, according to Marks. He believes that Cardano could potentially rise to as high as $7.80 from its current price, representing a significant 1,500% increase for the crypto token.
Altcoin Daily also recently predicted a rise for Cardano, estimating a price of $9 in the current bull run. Additionally, crypto analyst Ali Martinez made an ultra-bullish case for Cardano by pointing out that the crypto token’s current price action mirrors that of 2019 when it achieved a price gain of over 4,000%. While Martinez acknowledged that history may not repeat itself exactly, he suggested that Cardano could still see an impressive move similar to that of 2019.
For Cardano to experience such parabolic moves, it needs to reverse its current downtrend. Crypto analyst Trend Rider indicated that this reversal could happen soon, as ADA is still holding its support level. If Cardano can maintain this support for 1 to 2 weeks, the bears may tire, leading to a bounce from its current price level. Dan Gambardello, the founder of Crypto Capital Venture, compared Cardano’s current price action to Ethereum’s in the last bull run. He expects Cardano to follow a similar trajectory to Ethereum’s success, given its positioning relative to the 2020 Bitcoin halving.
Predictions for Cardano’s Bull Run
Gambardello reassured that Cardano remains on track for its bull run, highlighting its over 90% decline from its all-time high (ATH) months after Bitcoin halved in the previous bull run. He anticipates Cardano to make a strong upward move soon, akin to its performance in 2021. The crypto analyst suggested that Cardano’s bull run may coincide with the Altcoin Season, although the exact timing remains uncertain. This uncertainty is further complicated by Bitcoin hitting a new ATH before the halving, a phenomenon that has not occurred previously. As a result, the Altcoin Season may not commence until December.
Cardano’s future looks promising based on the analyses and predictions of various crypto analysts. The potential for a significant price increase and a bullish outlook for ADA suggest that investors may want to keep a close eye on this crypto token as it continues to navigate the volatile cryptocurrency market.
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