Here’s Why Cardano Price Could Hit $15 Next?
Cardano has been among the most bullish cryptos in the 2021 bull run but has shifted its trajectory to bear-driven in the past few years. Although the Cardano price is low at the current level, it is holding up the best in this market’s volatility. Considering the same and the emergence of bullish patterns, analysts anticipate an ADA price rally to $15. Let’s discuss this optimistic outlook.
Historical Patterns Hints At Upcoming Cardano Price Rally
Cardano price prediction has been a little controversial due to multiple factors affecting this altcoin performance. However, Ali Charts has presented a new outlook on the situation, hinting at the possibility of the rally to $15 in the near future.
According to Ali’s X post, ADA is moving through a historical pattern that has produced strong bullish movements in the past. If the pattern continues, a massive 3000% rally could form, as it did in 2021, when the ADA price jumped from $0.12 to $4. However, this took around a year to take shape, and there was a minor consolidation in between.
The ADA price chart analysis shows the token entering an accumulation phase. A similar accumulation pattern occurred in 2020-2021, which resulted in a breakout. Given this, the $15 target seems feasible. However, it will depend on many macroeconomic events, global crypto market sentiments, the token’s current movements, and how it recovers from this accumulation phase.
How is Cardano Performing Today?
The crypto market crash has significantly affected the ADA token, as it has lost nearly 22% of its value over the past week. It currently trades at $0.7545, with a market capitalization of $26.55 billion and a trading volume of $778.76 million, which is down 44% today. This and the 90% drop in the Cardano whale netflow indicate that investor interest is waning.
Moreover, many technical indicators hint at bearish sentiments, so analysts anticipate a further decline if the price moves below the key support at $0.6589. In contrast, a recovery above $0.8 could initiate an uptrend.
A trading bot has called the current performance a minor correction before pointing out that it is in a global web 3 of the Elliot wave cycle, where its first impulse is to grow from $0.28 to $1.3. More importantly, the bots analysis claims that Cardano’s recent retracement to the 0.5-0.61 Fibonacci retracement zone signifies a bullish reversal. This could result in a bullish momentum and an uptrend.
While most alternative coins have broken all-time lows, Cardano’s price remains relatively high. The recent drop looks more like a correction, not a trend reversal.
What’s Next for Cardano Price?
Considering the AI bot’s Cardano price analysis, the next target for this token is around $3 in the sub-wave 3. A move past that and continuous holding of the historical pattern could result in a massive rally for the $15. However, it would require investors’ confidence in the token and increased adoption, backed by technical factors. More importantly, the $15 trajectory is not a day or week’s journey but would require months of build-up. Investors must monitor the ADA’s performance over time and adjust strategies accordingly.
The post Here’s Why Cardano Price Could Hit $15 Next? appeared first on CoinGape.
