- Analysts predict Cardano (ADA) could reach $7 using Elliott Wave theory, though the cycle may take until April 2024.
- ADA shows bullish signs, testing support at $0.81 and forming a pennant pattern that could lead to a 200% price increase.
- If support fails, ADA’s price could decline further to $0.50, though the long-term outlook remains positive.
Cardano’s (ADA) price has remained stagnant this month, trailing behind competitors like Bitcoin and Solana, which have surged to new heights. Despite this, analysts believe ADA has significant upside potential, with some targeting a future price of $7.
Elliott Wave Theory Predicts Big Moves
Crypto analyst Big Mike, known for his insights on X, predicts that ADA is currently in its third wave, which could push the price up to $3 in the short term. He anticipates a pullback to $1.5 during the fourth wave, followed by a rally to $7. However, he cautions that these patterns take time to play out, with the current cycle potentially extending until April 2024.
Technical Indicators Show Promise
ADA’s recent price action reflects strong growth potential. After rising from $0.28 to $1.33 last year, the price has retraced to test support at $0.81, which analysts see as a potential base for further gains. A bullish pennant pattern forming on the charts could signal an upward breakout, with a retest of ADA’s all-time high of $3, representing a 200% gain.
Risks and Support Levels
While the outlook for ADA is bullish, risks remain. If the price fails to hold support at $0.81, it could drop further, possibly testing the $0.50 level. Still, many believe Cardano’s long-term trajectory remains upward, making it a token to watch in the months ahead.
