Crypto analyst @XForceGlobal shared a new video chart analysis focused on Cardano (ADA), a cryptocurrency that many are dismissing as a “dinosaur coin” at the moment. In the analysis, XForceGlobal (@XForceGlobal) provided an in-depth look at Cardano’s current position within the Elliott Wave cycle, suggesting that ADA is on the of entering a strong upward phase, commonly referred to as “Wave 3.”
Cardano Price Could Soar To $2.88
The analyst compares the current price action of ADA to that of Solana (SOL). Earlier this year, Solana demonstrated a similar price trajectory under comparable market conditions. The comparison is drawn using logarithmic price charts, which clearly displays the Elliott Wave structures, identifying a WXY corrective pullback followed by a new impulse wave setup.
“If we look at the actual wave count of Solana you can see that it did a WXY pullback. Now this corrected pullback caught us all off guard, it didn’t look like a correction pullback in the first place. It looked better as an impulse to the downside […] it caught everyone off guard. Even the bulls and even the bears,” explained XForceGlobal.
Related Reading
The Elliott Wave Theory, which is central to his analysis, posits that markets move in repetitive cycles of waves driven by investor psychology. According to XForceGlobal, ADA is mirroring the early stages of Solana’s previous rally, which saw significant gains as it entered the third wave of its cycle. The crypto analyst outlined that ADA is currently positioned in what appears to be the second wave, following a corrective pullback, which typically precedes strong bullish momentum.
“In the previous bull market alone, we did an 18,000% […] and I’m not sure why people are just brushing this coin off as a dead coin. I believe it’s a very good coin but we just need to find the right opportunity in terms of the timing,” stated the analyst during the video.
Delving into the potential future of ADA, the analyst projects a conservative estimate of a 5x to 10x times increase in its price. This prediction is based not only on Elliott Wave analysis but also on comparative historical data from other high market cap altcoins like XRP, which are currently in similar positions within their market cycles.
Related Reading
“Wave 3’s are usually the most profitable, if not arguably better than what XRP is going to be giving…
Click Here to Read the Full Original Article at NewsBTC…
