Cardano (ADA) is showing signs of a potential upward move, with crypto analyst Javon Marks predicting a significant increase in its price. Marks highlighted the progress made by ADA since breaking the resistance trend, mentioning that the recent pullback faced by Cardano could actually strengthen its position for a parabolic rise.
Marks believes that Cardano could potentially reach $7.80 from its current price, marking a substantial 1,500% increase for the crypto token. This prediction aligns with other bullish outlooks in the market, such as Altcoin Daily’s forecast of Cardano rising to $9 in the current bull run. Additionally, analyst Ali Martinez made an ultra-bullish case for Cardano, drawing parallels to its price action in 2019 when it saw a remarkable 4,000% price gain.
In order for Cardano to experience such significant price movements, it would need to reverse its current downtrend. Crypto analyst Trend Rider hinted at a possible trend reversal soon, emphasizing that ADA is still maintaining its support level. If Cardano can sustain this support for a period of 1 to 2 weeks, the bears may lose control, leading to a bounce from its current price level.
Comparisons to Ethereum and Historical Trends
Dan Gambardello, the founder of Crypto Capital Venture, drew comparisons between Cardano’s price action in the current bull run and Ethereum’s performance in the previous bull run. He noted that Cardano is currently at a similar level to where Ethereum was during the 2020 Bitcoin halving, suggesting that ADA could potentially enjoy similar success to Ethereum. Gambardello remains optimistic about Cardano’s trajectory, pointing out that it is still significantly below its all-time high (ATH) from previous bull runs.
Expectations for the Future
Despite the uncertainty surrounding the timing of an Altcoin Season, analysts anticipate that Cardano’s bull run will likely coincide with this market trend. As Bitcoin continues to set new all-time highs, the potential start of the Altcoin Season remains uncertain, possibly not occurring until December. However, experts remain confident in Cardano’s ability to make a strong move in the near future, similar to its performance in 2021.
The analysis and predictions surrounding Cardano (ADA) suggest a positive outlook for the crypto token. With expert opinions aligning on a potential upward trajectory for ADA, investors and enthusiasts are eager to see how Cardano will perform in the coming months. The anticipation for a reversal in the current downtrend and the possibility of entering a new bull run create a sense of excitement and optimism within the cryptocurrency community. As with any investment, it is important to conduct thorough research and consider all factors before making decisions in the volatile crypto market.