Recently, crypto analyst XForceGlobal shared a detailed video analysis focusing on Cardano (ADA), a cryptocurrency that has been dubbed a “dinosaur coin” by many. In the analysis, XForceGlobal delves into Cardano’s current state within the Elliott Wave cycle, indicating that ADA may be on the brink of entering a powerful upward phase known as “Wave 3.”
XForceGlobal draws a comparison between the current price action of ADA and that of Solana (SOL). The analyst utilizes logarithmic price charts to showcase the Elliott Wave structures of both cryptocurrencies, highlighting a WXY corrective pullback followed by a new impulse wave setup. This comparison suggests that ADA’s current position mirrors that of Solana earlier this year, which experienced significant gains during its third wave.
Looking ahead, XForceGlobal projects a conservative estimate of a 5x to 10x increase in ADA’s price. This prediction is grounded not only in Elliott Wave analysis but also in historical data from other high market cap altcoins like XRP. XForceGlobal anticipates that ADA’s current wave cycle could lead to a potential break of its all-time high, emphasizing the profitability of Wave 3.
To quantify the risk-reward ratio, XForceGlobal employs a long positioning tool that suggests a 14 or 15:1 risk-reward potential, based on a prospective 600% run. The analyst also highlights the importance of historical context, noting the tendency for “dinosaur coins” with a lengthy price history to experience significant price surges after periods of neglect.
XForceGlobal paints a highly optimistic picture for ADA’s future. The analyst points out that Cardano saw an 18,000% run in its last bull market, with a potential target of around $3 for Wave 3. Despite current market conditions, XForceGlobal believes that ADA has the potential for significant growth in the near future.
With ADA currently trading at $0.3842, XForceGlobal’s analysis provides valuable insights into the potential trajectory of Cardano in the coming months. It is essential for investors to consider the technical analysis and historical data presented by XForceGlobal when making decisions regarding ADA and other cryptocurrencies.
