Cardano (ADA) seems prepared to make this move upwards, with crypto analyst Javon Marks revealing what could make the crypto token see a 15x increase in its price. Marks’ analysis comes amid recent price forecasts, which present an optimistic outlook for Cardano.
How Cardano could see a 15x increase in its price
Brands mentioned in an X (formerly Twitter) publish that ADA has demonstrated “great progress since breaking trend resistance.” The crypto analyst also noted that the crypto token attempted to advance more than 200% towards the first target of $2.77709 and stated that the recent Cardano pullback faced could strengthen it to achieve an even more parabolic rise.
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Source: X
This development is why Marks believes Cardano could rise as high as $7.80 from its current price, representing a 1,500% increase for the crypto token. A rise to that level seems more feasible considering crypto analyst Altcoin Daily also recently predicted that Cardano will rise to $9 this bull run.
About that, crypto analyst Ali Martinez made an ultra-bullish case for Cardano, noting that the crypto token was currently reflecting its price action from 2019 when it saw a price gain of over 4,000%. While Martinez acknowledged that history may 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 suggested this could happen soon, noting that ADA was still holding its support level. According to him, if Cardano manages to hold this support for 1 to 2 weeks, the bears will get tired and the crypto token will bounce from its current price level.
Analyzing the Cardano bull run
Dan Gambardellothe founder of Crypto Capital Venture, again suggested that Cardano’s price action in this bull run will likely mirror that of Ethereum in the last bull run. He noted that the former is currently around the level that Ethereum it was around 2020 Bitcoin halved. As such, he expects Cardano to have similar success to what Ethereum had 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, much like it did in 2021.
The crypto analyst suggested that Cardano bull run would probably start during the Altcoin Season. However, he was unsure when this Altcoin season would likely begin as Bitcoin has reached a new ATH before the halving (which has never happened before). He added that this Altcoin season might not arrive 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