Cardano (ADA) appears to be on the verge of a significant upward move, according to crypto analyst Javon Marks. Marks suggests that ADA’s recent progress and breakout from a resistant trend could propel the crypto token to a 15x increase in price. Despite facing a slight pullback, Marks believes that Cardano could experience a parabolic rise, potentially reaching a price of $7.80, which would represent a 1,500% increase.
Other experts also have a bullish outlook for Cardano. Altcoin Daily predicted that the crypto token could rise to $9 during this bull run. Additionally, crypto analyst Ali Martinez pointed out that Cardano’s current price action mirrors its performance in 2019, when it achieved a price gain of over 4,000%. While history may not repeat itself exactly, Martinez suggests that Cardano has the potential for an impressive move similar to that of 2019.
To realize such significant price movements, Cardano would need to reverse its current downtrend. Trend Rider, another crypto analyst, suggested that if ADA can maintain its support level for 1 to 2 weeks, it could bounce back and break out of its current price range.
Dan Gambardello, the founder of Crypto Capital Venture, draws parallels between Cardano and Ethereum’s price action during the last bull run. He believes that Cardano, much like Ethereum, is at a similar stage relative to the 2020 Bitcoin halving and anticipates a comparable level of success for ADA in this bull run.
While the exact timing of Cardano’s bull run and any potential altcoin season remains uncertain, Gambardello speculates that it may not occur until December due to Bitcoin hitting new all-time highs before the halving. In the meantime, patience is advised for investors.
Overall, there is a growing consensus among analysts that Cardano is poised for a substantial increase in price, driven by its progress, technical indicators, and resemblance to previous successful bull runs.