Cardano (ADA) seems ready to make this upward move, with Javon Marks, crypto analyst revealing what could increase the price of the crypto token by 15 times. Marks' analysis comes amid recent price predictions, which give a bullish outlook for Cardano.
How Cardano could see its price increase 15 times
Brands mentioned in an X (formerly Twitter) job that ADA has shown “major progress since breaking the resistance trend.” The crypto analyst also noted that the crypto token attempted to move over 200% towards the first target at $2.77709 and claimed that the recent Cardano withdrawal that we are facing could strengthen it to reach an even more parabolic rise.
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Source: X
This development is why Marks believes Cardano could reach $7.80 from its current price, representing a 1,500% increase for the crypto token. An increase to this level seems more feasible, given that crypto analyst Altcoin Daily also recently predicted that Cardano will reach $9 in this case bull run.
In the meantime, crypto analyst Ali Martinez made an ultra-bullish argument in favor of Cardano, noting that the crypto token is currently mirroring its price action from 2019, when it achieved a price gain of over 4,000%. Although Martinez acknowledged that history might not repeat itself, he suggested that Cardano could still make an impressive move similar to 2019.
For Cardano to experience such parabolic movements, the crypto token must experience a reversal from its current downtrend. Crypto analyst Trend Rider hinted that this could happen soon, noting that ADA still maintained its support level. According to him, if Cardano manages to maintain this support for 1 to 2 weeks, the Bears will tire and the crypto token will rebound from its current price level.
Analyzing Cardano’s Bull Run
Dan Gambardellothe founder of Crypto Capital Venture, once again suggested that Cardano's price action in this bull run will likely mirror that of Ethereum during the last bull run. He noted that the first is currently around the level which Ethereum it was around 2020 Bitcoin halved. As such, he expects Cardano to see similar success to what Ethereum saw during the last bull run.
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The crypto analyst also assured that Cardano is still on track for its bull run, stating that it is also down over 90% from its all-time high (ATH) months after Bitcoin declined by half during the last bull run. As such, he still expects Cardano to make an appearance soon enough, just like it did in 2021.
The crypto analyst suggested that Cardano’s bull run would probably start during the Altcoin Season. However, he did not know when this Altcoin season would likely begin since Bitcoin reached a new ATH before the halving (which has never happened before). He added that this Altcoin season might not happen until December. For now, the analyst noted that patience is the key word.
ADA bulls struggle to hold $0.44 | Source: ADAUSDT on Tradingview.com
Featured image from LinkedIn, chart from Tradingview.com