Recently, crypto analyst @XForceGlobal shared a video chart analysis focusing on Cardano (ADA), a cryptocurrency that some are currently labeling a “dinosaur coin.” In the analysis, XForceGlobal provided a detailed examination of Cardano’s position within the Elliott Wave cycle, indicating that ADA may be on the verge of entering a powerful upward phase known as “Wave 3.” By comparing the current price action of ADA to that of Solana (SOL), the analyst highlighted similar patterns and trends under comparable market conditions. Utilizing logarithmic price charts, XForceGlobal identified Elliott Wave structures, revealing a WXY corrective pullback followed by a new impulse wave setup.
Drawing parallels to Solana’s previous rally earlier this year, XForceGlobal pointed out that SOL exhibited a comparable wave count and corrective pullback phase that caught many investors off guard. Despite initially appearing as a downward impulse, the pullback turned out to be a correction according to the Elliott Wave Theory, which asserts that market cycles are driven by investor psychology and move in repetitive waves. The analyst suggested that ADA is currently situated in what seems to be the second wave following a corrective pullback, indicating upcoming bullish momentum.
Looking ahead at ADA’s potential, the analyst forecasted a conservative estimate of a 5x to 10x price increase. This projection was not only based on Elliott Wave analysis but also on comparative historical data from other high market cap altcoins like XRP, which are undergoing similar phases in their market cycles. XForceGlobal emphasized the profitability of Wave 3s, comparing ADA’s position to XRP’s and hinting at the possibility of reaching new all-time highs. The risk-reward ratio was quantified using a long positioning tool, suggesting a potential 600% run with a 14 or 15:1 risk-reward ratio.
The analyst also addressed the neglect of “dinosaur coins,” referring to cryptocurrencies like ADA with a long price history that have been overshadowed by meme-driven coins in recent years. XForceGlobal expressed belief in the potential for these established coins to make a comeback, especially considering their lack of significant price movements during the meme coin frenzy. This historical context, coupled with the Elliott Wave analysis, led to a positive outlook for ADA’s future price action and market performance.
@XForceGlobal shared a highly optimistic perspective on ADA’s potential, highlighting the coin’s past performance and current structural similarities to SOL during a bullish sequence. With Wave 3 targets potentially reaching around $3, the analyst expressed confidence in ADA’s ability to surge in price and make significant gains. At the time of analysis, ADA was trading at $0.3842, indicating room for substantial growth in the near future.
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