Analyst Predicts 2,200% Explosion Will Send Cardano To $8, Here’s When
August 23 2024 - 11:30PM
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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. Related Reading: The Shiba Inu Shibarium
Suffers 97.6% Crash In Active Accounts, What’s Going On? 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. Related Reading: This Triangle Pattern Triggered In 2021
Suggests XRP Price Will Surge 5,000% To $32 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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