Cardano’s native token, ADA, has largely remained stagnant this month, in contrast to the rapid price surges seen by major competitors like Bitcoin and Solana. However, market experts are optimistic, forecasting that Cardano could soon break its all-time high and potentially hit as much as $7.
Popular crypto analyst, Big Mike, shared his prediction on X, suggesting that ADA is positioned to surge in the coming months based on the Elliott Wave theory. According to Big Mike, the cryptocurrency is currently in its third wave, which may push its price to around $3. Following that, a slight decline to $1.50 is anticipated before ADA rockets to the much-anticipated $7 mark.
Despite the optimistic forecast, Big Mike did advise caution, noting that Elliott Wave patterns require time to fully unfold. The first wave began in May 2023 and is projected to last until April 2024, which implies that ADA’s journey to $7 may take several months. Nonetheless, the long-term outlook remains promising.
Technically, ADA’s chart displays several indicators pointing toward future growth. After experiencing a jump from $0.28 to $1.33 last year, Cardano’s price retraced and is currently testing a support level at $0.81. This is considered a positive sign, suggesting that ADA could continue its upward trajectory.
Moreover, a bullish pennant pattern is emerging on Cardano’s chart, which could further drive its price upward. If the token breaks out, it may revisit its previous all-time high of $3, representing a 200% increase from its current level. However, if ADA falls below the $0.81 support level, it could face further declines, possibly reaching as low as $0.50.
Despite these risks, ADA’s future potential is generating significant interest in the crypto market, with investors keeping a close watch on its movements.
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