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05/11/2024

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Cardano Ready For 15x Move, Crypto Analyst Reveals The Major Drivers

Cardano (ADA) looks primed to make that move to the upside, with crypto analyst Javon Marks revealing what could make the crypto token see a 15x increase in its price. Marks’ analysis comes amidst recent...

Cardano Ready For 15x Move, Crypto Analyst Reveals The Major Drivers

Cardano (ADA) looks primed to make that move to the upside, with crypto analyst Javon Marks revealing what could make the crypto token see a 15x increase in its price. Marks’ analysis comes amidst recent price predictions, which paint a bullish outlook for Cardano. 

How Cardano Could See A 15x Increase In Its Price

Marks mentioned in an X (formerly Twitter) post that ADA has shown “major progress since breaking the resisting trend.” The crypto analyst also noted that the crypto token attempted to move over 200% toward the first target at $2.77709 and claimed that the recent pullback Cardano faced could strengthen it to achieve an even more parabolic rise.  

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Cardano

Source: X

This development is why Marks believes Cardano could rise to as high as $7.80 from its current price, representing a 1,500% increase for the crypto token. A rise to that level looks more feasible, considering that crypto analyst Altcoin Daily also recently predicted that Cardano will rise to $9 in this bull run.

Meanwhile, crypto analyst Ali Martinez made an ultra-bullish case for Cardano, noting that the crypto token was currently mirroring its price action from 2019, when it made a price gain of over 4,000%. While Martinez acknowledged that history might not repeat itself, he suggested that Cardano could still make an impressive move similar to 2019. 

For Cardano to experience such parabolic moves, the crypto token needs to see a reversal in its current downtrend. Crypto analyst Trend Rider hinted that could happen soon, noting that ADA was still holding its support level. According to him, if Cardano can hold on to this support for 1 to 2 weeks, the bears will tire, and the crypto token will bounce from its current price level. 

Analyzing Cardano’s Bull Run

Dan Gambardello, the founder of Crypto Capital Venture, again suggested that Cardano’s price action in this bull run will likely mirror Ethereum’s in the last bull run. He noted that the former is currently around the level that Ethereum was at around the 2020 Bitcoin halving. As such, he expects Cardano to enjoy a similar success to the one Ethereum enjoyed in the last bull run. 

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The crypto analyst also assured that Cardano was still on track for its bull run, stating that it was also down over 90% from its all-time high (ATH) months after Bitcoin halved in the last bull run. As such, he still expects Cardano to make a run soon enough, just like it did in 2021. 

The crypto analyst hinted that Cardano’s bull run would likely begin during the Altcoin Season. However, he wasn’t sure when this Altcoin season would likely start since Bitcoin hit a new ATH before the halving (which has never happened before). He added that this Altcoin season might not come until December. For now, the analyst noted that patience is the name of the game. 

ADA bulls struggle to hold $0.44 | Source: ADAUSDT on Tradingview.com

Featured image from LinkedIn, chart from Tradingview.com

Source: NewsBTC.com

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