Cardano has gotten a lot of bullish predictions Recently, the highly anticipated Chang’e 4 has been a hot topic. upgrade. The upgrade It is one of most significant upgrades in the past few years for the blockchain network, and has generated a lot of excitement among its supporters. Crypto analyst Alan Santana has also made a bullish forecast. predicts A significant increase in the price of an altcoin that could send it to a new high.
Cardano in this Cycle
Last three years the Cardano price There have been several waves of bearish and bullish cycles and, unfortunately, it appears that the bears won. Since 2021 when the ADA reached its all-time-high price of $3.10, this trend has mainly been down. This would normally scare away investors but crypto analyst Alan Santana highlights it in his bullish analyses.
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Crypto analyst believes that between the year 2023 and when Cardano prices began to move upwards, there was a period of time when Cardano reached a record high. the altcoin was in a bear market. However, a phase of consolidation followed, lasting from the start of 2023 until the end 2023.
After the consolidation period, the ADA price began to see an upside The start of the year 2024. Its price rose from just $0.24 up until $0.79. Santana calls this phase the “initial bullish breakout.” This is the phase that the analyst calls the “entree or appetizer before the major bull-market.” If the analyst was right then this first breakout would only be a prelude to what is yet to come.
After the peak local price of $0.79, there has been a decline. source You need not worry about Cardano investors As the altcoin has lost approximately 50% of its original value. The crypto analyst, however, calls it a “minor correction” When the next bull cycle comes around, it won’t be important.
How high can the ADA price go?
Santana appears to be expecting something from the analysis the Cardano price Around $0.22 is the bottom. A bounce will likely follow shortly after the drop, driving the price higher. Here, we can set our targets, both short and long-term.
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The short-term target is a 2845% increase to $1.36 and a 475.39% rise to $2. The crypto analyst is expecting much more in the long-term. explosive rallies for the ADA price. The first is the 1,272.18% rise to $4.8, a record high. Although the biggest rally was a 2,200% jump that would have put the price of the stock at $8.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com