• Cardano (ADA) has been predicted to stage a bullish reversal to a staggering $7.8, representing a 1500% surge from the current price. 

• Another analyst has also observed that the asset is repeating a 2019/2020 pattern, positioning it to hit $1. 

Cardano’s native token ADA is currently undergoing a severe bearish phase, declining by 4% in the last 24 hours, 5% in the last seven days, 23% in the last 30 days, and 19% in the last 90 days. With a current price of $0.44 and a market cap of $15 billion, ADA has lost two places on the crypto rankings to sit at the 10th position, behind Dogecoin and Toncoin. However, an analyst observes a bullish formation that could catapult the asset to $7.80 in a 1500% run. 

Explaining his observation, analyst JAVON MARKS claims to have noticed that the asset is mimicking a 2021 pattern where the value recorded a substantial retracement before skyrocketing to its all-time high of $3. Per his expectation, ADA could witness its market cap reaching a staggering $260 billion. Confirming this bullish outlook is another crypto analyst identified as Trend River.

According to him, the current market situation is a reflection of bears “trying their best to push the price down.” However, he expects them to get tired in one or more weeks for the asset to stage a bullish reversal. Interestingly, this coincides with Ali Martinez’s prediction envisioning a parabolic spike to send the price to as high as $10. 

Cardano seems to be mirroring its previous bullish cycle. If this pattern continues, we could witness a brief correction before $ADA goes parabolic toward $10!

Gambardello Foresees Cardano (ADA) Hitting $1 by August

According to prominent Cardano pundit Dan Gambardello, ADA is building momentum to reclaim the $1 zone in a few weeks. A look at its historical data shows that the last time ADA reached $1 was two years ago (April 2022). Interestingly, it came very close to this figure in the first quarter of this year when the price reached a yearly high of $0.807. According to Gambardello, ADA would likely return to breach this point and set a new year-high record in the coming months. Currently, the weekly relative strength index (RSI) of ADA shows an oversold condition, hinting at a bullish outlook. 

On top of that, the asset is converging on the 20-week moving average (MA). From a technical standpoint, bullish momentum is suggested whenever the asset falls above the 20-week MA. Per his observation, ADA’s price approached the 20-week MA the last time it exhibited an oversold RSI signal.

One interesting notice is that the present consolidation mimics the 2019/2020 phase when ADA moved from $0.03 in early 2019 to $0.08 in late 2020. Mapping out that chart pattern to the current chart shows ADA could potentially reach $1 by August 2024. For long-term projection, Telegaon predicts that the asset could hit $45 by 2030. This was comprehensively reported by Crypto News Flash. 

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