Crypto analyst @XForceGlobal shared a latest video chart evaluation focused on Cardano (ADA), a cryptocurrency that many are dismissing as a “dinosaur coin” in the meanwhile. Within the evaluation, XForceGlobal (@XForceGlobal) provided an in-depth take a look at Cardano’s current position inside the Elliott Wave cycle, suggesting that ADA is on the of entering a powerful upward phase, commonly known as “Wave 3.”
Cardano Price Could Soar To $2.88
The analyst compares the present price motion of ADA to that of Solana (SOL). Earlier this 12 months, Solana demonstrated an identical 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 latest impulse wave setup.
Cardano Elliott Wave evaluation | Source: X @XForceGlobal
“If we take a look at the actual wave count of Solana you possibly can see that it did a WXY pullback. Now this corrected pullback caught us all off guard, it didn’t appear like a correction pullback in the primary place. It looked higher as an impulse to the downside […] it caught everyone off guard. Even the bulls and even the bears,” explained XForceGlobal.
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The Elliott Wave Theory, which is central to his evaluation, posits that markets move in repetitive cycles of waves driven by investor psychology. In accordance with XForceGlobal, ADA is mirroring the early stages of Solana’s previous rally, which saw significant gains because 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 generally precedes strong bullish momentum.
“Within the previous bull market alone, we did an 18,000% […] and I’m unsure why persons are just brushing this coin off as a dead coin. I think it’s a excellent coin but we just need to search out the proper opportunity by way of the timing,” stated the analyst throughout the video.
Delving into the potential way forward for ADA, the analyst projects a conservative estimate of a 5x to 10x times increase in its price. This prediction relies not only on Elliott Wave evaluation but in addition on comparative historical data from other high market cap altcoins like XRP, that are currently in similar positions inside their market cycles.
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“Wave 3’s are often essentially the most profitable, if not arguably higher than what XRP goes to be giving us because XRP immediately is on Wave 3 to 4 and we don’t understand how wave five goes to be accomplished and that’s normally the top of a trend. ADA is in a wave three and it might be even going for a wave five which could be even bringing us to higher levels that could possibly be giving us a possible break of the all-time high,” XForceGlobal remarked.
To quantify the risk-reward ratio, the analyst uses a protracted positioning tool that implies a 14 or 15 : 1 one risk-reward potential, based on a prospective 600% run. Moreover, the crypto analyst emphasized the importance of historical context and the apparent neglect of “dinosaur coins,” in favor of newer, meme-driven cryptocurrencies:
“I think dinosaur coins, AKA coins which were trading since 2018 or so, which have a comparatively long price history, could also be setting us up for one more run since they haven’t gone for a run during this whole memecoin narrative.”
In conclusion, @XForceGlobal’shighlights a highly optimistic outlook for ADA. Via X, he stated: “Cardano did an 18,000% run in its last bull run, nevertheless it also did one in all the strongest pullbacks throughout the bear market. Structure looks very much like when SOL was making a bottom as well for a 1-2 sequence. Wave 3 targets could be around $3.”
At press time, ADA traded at $0.3842.
Cardano price, 1-day chart | Source: ADAUSDT on TradingView.com
Featured image created with DALL.E, chart from TradigView.com