Cardano has been the subject of a number of bullish predictions lately, especially regarding the long-awaited Chang’e upgrade. The upgrade is one of the most important upgrades to the network in a while, and it has sparked a wave of optimism among supporters. Amidst this, crypto analyst Alan Santana made another bullish prediction, saying: predicts A massive surge in the altcoin’s price would send it to new all-time highs.
Where does Cardano fit into this cycle?
Over the past three years, the Cardano price has seen various waves of bullish and bearish cycles, and unfortunately, the bears seem to have won. This started after the ADA price hit an all-time high of $3.10 in 2021, and since then, it has been mostly bearish. While this would normally scare investors, cryptocurrency analyst Alan Santana points it out in his bullish analysis.
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According to the crypto analyst, the period when Cardano price hit a new all-time high and the year 2023 when the price started moving upwards showed that the altcoin was in a bear market. However, this was followed by a consolidation phase that lasted from the beginning of 2023 to the end of 2023.
Once the consolidation period ended, ADA price began to see a rally in early 2024. This saw its price rise from a low of $0.24 to a high of $0.79. Santana refers to this phase as the “initial bull run.” The reason this phase is so important is because the analyst refers to it as the “appetizer before the main bull run.” This means that if the analyst is right, this initial run is just a preview of what’s to come.
The drop following the local peak at $0.79 has been a concern for Cardano investors as the altcoin has lost around 50% of its value since then. However, the crypto analyst describes it as a “minor correction” that will not be of much significance when the bull cycle rolls around.
What is the potential price increase for ADA?
Through analysis, it seems that Santana expects the Cardano price to bottom out at around $0.22. Shortly after, the decline is expected to be followed by a rebound, pushing the price even higher. Hence, the targets, both short-term and long-term.
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Short-term targets include a 284.5% increase to $1.36, and a 475.39% increase to $2. However, the long-term crypto analyst expects much larger price increases for ADA. Two in particular stand out: one is a 1,272.18% increase to a new all-time high of $4.8. While the most notable increase is a 2,200% increase that would put the price at $8.
Featured image created using Dall.E, chart from Tradingview.com