Cardano has gotten a lot of bullish predictions lately, especially in relation to the much-anticipated Chang upgrade. The upgrade is one of the most important upgrades for the network in a while, and this has triggered a wave of optimism among supporters. Amid this, another bullish prediction has been presented by crypto analyst Alan Santana, who predicts a significant rally for the altcoin’s price that would send it to new all-time high prices.
Where Cardano Is In This Cycle
In the last three years, the Cardano price has seen various waves of bullish and bearish cycles, and unfortunately, the bears look to have won out. This began after the ADA price hit its current all-time high price of $3.10 in 2021, and since then, it has been mainly down-only. While this would usually scare off investors, crypto analyst Alan Santana points it out in his bullish analysis.
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According to the crypto analyst, the period when the Cardano price hit a new all-time high and 2023 when the price began moving upward, it showed that the altcoin was in a bear market. However, this was followed by a consolidation phase, which lasted from the beginning of 2023 to the end of 2023.
Once the consolidation period was done, the ADA price began to see an upside at the start of 2024. This saw its price go from as low as $0.24 to as high as $0.79. This phase, Santana refers to as the “initial bullish breakout.” Now, the reason this phase is important is it is what the analyst refers to as the “entree or appetizer before the major bull-market.” This means that is the analyst is right, then this initial breakout is only a preview of what’s to come.
The decline that followed the local peak of $0.79 has been a source of worry for Cardano investors as the altcoin lost around 50% of its value since then. However, the crypto analyst calls this a “minor correction” which wouldn’t matter much when the bull cycle rolls around.
How High Can The ADA Price Go?
From the analysis, Santana seems to expect the Cardano price to bottom somewhere around $0.22. Soon after, a bounce is expected to follow the decline, pushing the price even higher. From here, the targets come in, both for the short and long term.
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Short-term targets include a 284.5% increase to $1.36, and a 475.39% increase to $2. Over the long term though, the crypto analyst expects much more explosive rallies for the ADA price. Two in particular stand out: One is a 1,272.18% increase to a new all-time high of $4.8. While the most notable rally is a 2,200% increase that would put the price at $8.
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
https://www.newsbtc.com/news/cardano/2200-explosion-cardano-8/
2024-08-24 04:30:56
