Cardano (ADA) has been underperforming recently and is currently trading around $0.40. This relatively low valuation has led to other cryptocurrencies overtaking the project.
However, a change could happen soon. According to crypto analyst SpartaBTC, the price of ADA could rise to $9.50.
From Falling Wedge to New All-Time High?
The analyst bases his prediction on a so-called ‘falling wedge’ pattern that is currently forming. This pattern is a bullish technical formation that indicates that a downward trend is losing its strength, often followed by a significant price increase.
The analyst sets the first price target at $1.96, which would represent a 650% upside from current levels. The most ambitious target is a new all-time high (ATH) of $9.50, which would represent an upside of over 2,250%.
Are we seeing a repeat of 2018-2020?
Notably, Cardano’s current sideways movement resembles the 2018-2020 period, when ADA consolidated between $0.027 and $0.117. This consolidation phase lasted for almost two years before the cryptocurrency experienced a breakout and surged to $0.38, an increase of over 760% from its average accumulation price.
The current accumulation period started around October 2022, with an average accumulation price of $0.40. Based on historical data, it is expected that ADA may start a new increase soon.
Other analysts are also positive
Also the well-known crypto analyst Ray Trader expects that ADA can still rise considerably. He bases his analysis on the Elliott Wave pattern, which predicts market prices by identifying natural cycles of optimism and pessimism.
Ray Trader predicts that Cardano could rise to $7 in the third wave phase, which would represent an increase of almost 1,700% from its current price. Ultimately, he expects ADA to reach $9, similar to SpartaBTC’s predictions.
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Source: https://newsbit.nl/crypto-analist-voorspelt-cardano-klaar-voor-parabolische-stijging-naar-950/
