Cardano (ADA) is currently showing promising signs of entering a new bullish phase, according to a recent analysis by SpartaBTC, a well-known Bitcoin analyst. The analysis suggests that ADA could potentially experience a substantial price increase, with price targets projecting a remarkable 2,257% surge. ADA has been following the broader market’s direction, trading between $0.408 and $0.430 in recent times amidst market uncertainty.
SpartaBTC’s analysis delves into Cardano’s previous accumulation phase, which took place from November 2018 to June 2020. During this period, ADA’s price consolidated between $0.027 and $0.117, with an average accumulation price of around $0.0440. This phase served as the foundation for a significant rally, as ADA broke out of this accumulation zone in June 2020, surging to $0.38 by January 2021, marking a 763% increase from the average accumulation price.
Following this initial rally, Cardano faced a brief consolidation before reaching its all-time high of $3.1 in August 2021, representing a staggering 6,744% increase from the average accumulation price. However, ADA’s price then dropped by over 91%, hitting a low of $0.23 in June 2023. SpartaBTC’s analysis now suggests that Cardano has entered another accumulation phase, similar to the one seen from November 2018 to June 2020, which lasted from October 2022 to November 2023.
Despite facing rejection at $0.81 in March 2024, Cardano has shown signs of a bullish pattern known as a falling wedge, indicating a potential price increase. Based on this pattern, SpartaBTC has set an initial price target of $1.96, representing a 650% surge from current levels. The most ambitious target projected is $9.5, which would signify a remarkable 2,257% increase from Cardano’s current price of approximately $0.403.
In the short-term, ADA is looking to end a losing streak that began on July 28, with a modest 0.25% increase recorded this morning. SpartaBTC’s daily chart analysis reaffirms Cardano’s bullish prospects, highlighting the falling wedge pattern and identifying an immediate target of $0.8918, marking a 97.66% increase from the July 18 resistance level at $0.4489.
Overall, Cardano’s price movements and technical analysis suggest the potential for a significant price increase in the near future, with various price targets indicating the possibility of substantial gains. Traders and investors will be closely monitoring ADA’s performance in the coming days to see if the projected bullish phase will come to fruition and lead to the anticipated price surge for Cardano.
