Cardano (ADA) is expected to experience a significant bullish reversal, with analysts predicting a surge to $7.8, marking a 1500% increase from its current price. Additionally, the asset is exhibiting a pattern similar to that of 2019/2020, leading analysts to believe it could reach $1.
ADA, the native token of Cardano, is currently in a bearish phase, with a 4% decline in the last 24 hours, a 5% decline in the last seven days, a 23% decline in the last 30 days, and a 19% decline in the last 90 days. With a current price of $0.44 and a market cap of $15 billion, ADA has dropped two positions in the crypto rankings, now sitting at the 10th position behind Dogecoin and Toncoin. However, analysts have identified a bullish formation that could propel the asset to $7.8 in a 1500% surge.
One analyst, JAVON MARKS, explains that he has noticed a pattern in which ADA is mimicking the value retracement and subsequent surge that occurred in 2021, leading to its all-time high of $3. He predicts that ADA’s market cap could reach a staggering $260 billion. Trend River, another crypto analyst, confirms this bullish outlook, stating that the current market situation reflects bears attempting to push the price down, but he expects them to tire out in the coming weeks, allowing for a bullish reversal. Ali Martinez also predicts a parabolic spike that could send the price of ADA as high as $10.
Cardano appears to be following its previous bullish cycle, suggesting that there may be a brief correction before ADA experiences a parabolic rise towards $10.
Prominent Cardano pundit Dan Gambardello foresees ADA reclaiming the $1 zone in the next few weeks. Historical data shows that ADA last reached $1 two years ago in April 2022. Gambardello believes that ADA will surpass this point and set a new yearly high in the coming months. The weekly RSI of ADA currently indicates an oversold condition, further supporting a bullish outlook.
In addition, ADA is converging on the 20-week moving average (MA), which typically suggests bullish momentum when the asset rises above it. This convergence coincides with ADA’s oversold RSI signal in the past. By mapping out the chart pattern from the 2019/2020 phase, in which ADA moved from $0.03 to $0.08, analysts predict that ADA could potentially reach $1 by August 2024. For long-term projections, Telegaon predicts that ADA could reach $45 by 2030, as reported by Crypto News Flash.
In summary, Cardano (ADA) is expected to experience a bullish reversal, with analysts predicting a surge to $7.8 and a potential reach of $1 by August 2024. The asset’s current bearish phase is seen as a temporary setback, and technical indicators suggest a positive outlook for ADA’s price.
