Cryptocurrency analyst Javon Marks has recently shared an optimistic outlook on Cardano (ADA), suggesting that the crypto token could potentially experience a significant increase in its price. According to Marks, ADA has been making substantial progress after breaking the resistance trend. In a post on X (formerly Twitter), he highlighted the fact that Cardano has attempted to move over 200% towards its first target at $2.77709. Additionally, Marks believes that the recent pullback faced by Cardano could actually strengthen the token for a more parabolic rise in the near future.
Marks speculates that Cardano could potentially surge to as high as $7.80 from its current price, which would represent a remarkable 1,500% increase for the crypto token. This price target seems more attainable when considering the predictions made by other analysts in the crypto space. For instance, Altcoin Daily has forecasted that Cardano will rise to $9 during this current bullish cycle. Similarly, analyst Ali Martinez has made an ultra-bullish case for Cardano, drawing parallels between the current price action and the significant price gain that Cardano experienced in 2019, which exceeded 4,000%.
In order for Cardano to achieve such extraordinary price movements, it is crucial for the crypto token to undergo a reversal in its current downtrend. Analyst Trend Rider believes that this reversal could be imminent, as ADA continues to hold its support level. According to Trend Rider, if Cardano can maintain this support for 1 to 2 weeks, the bears will likely grow weary, leading to a bounce from the current price level.
Comparisons to Ethereum
Dan Gambardello, the founder of Crypto Capital Venture, has drawn comparisons between Cardano’s current price action and Ethereum’s performance during the previous bull run. Gambardello points out that Cardano is currently at a similar level to where Ethereum was around the time of the 2020 Bitcoin halving. This comparison leads him to believe that Cardano could potentially enjoy a comparable level of success to Ethereum in the last bull run. Furthermore, Gambardello is confident that Cardano is still on track for its own bull run, as it remains over 90% below its all-time high (ATH) from previous months following Bitcoin’s halving.
While many analysts anticipate a bullish run for Cardano, the timing of this potential surge remains uncertain. Gambardello suggests that Cardano’s bull run may coincide with the Altcoin Season, but the exact commencement of this season is still unknown. The delay in the Altcoin Season could be attributed to the fact that Bitcoin reached a new ATH before the halving, a rare occurrence in previous cycles. As a result, the Altcoin Season may not materialize until later in the year, possibly in December.
Overall, Cardano appears to be in a promising position to experience substantial growth in its price, backed by positive projections from various analysts in the crypto community. With potential reversals in its downtrend and similarities to Ethereum’s historical performance, Cardano could be on the brink of a major price surge in the near future.