Cardano price has sold off and moved into a bear market after soaring to a multi-year high in December last year. ADA has plunged by over 45%, and sentiment among market participants has worsened after it formed a death cross. Nonetheless, one crypto analyst believes that Cardano may soon skyrocket by about 264%.
Crypto Analyst Believes Cardano Price May Surge
Trend following or following the crowd is one of the most popular approaches in crypto analysis. In most cases, going against the crowd and embracing a contrarian approach is usually for the brave.
Javon Marks, a popular crypto analyst on X with over 53k followers, has taken the contrarian view on Cardano price and predicted that it will surge by 264%. He believes that the ADA price will surge to as high as $7.8 in the long term. Such a move would signal a surge of 975% from the current level.
As shown below, he used a five-day chart and noted that the Cardano price has formed a series of higher highs, and higher lows since 2023. As such, he believes that the coin will surge if Cardano repeats its previous cycles.
Marks’ ADA price forecast needs a caveat, though: it is based on a five-day chart, which can be lagging since each bar represents 5 days. As such, it can take many months or even years for the prediction to happen. For example, the coin formed a falling wedge pattern for a whole year in 2024 before breaking out.
ADA Price Mid-Term Forecast
In the short term, Cardano price will depend on the overall movement in the crypto market. Cardano also has more catalysts like a spot ADA ETF approval, a broader crypto market rally, and the upcoming BitcoinOS integration.
The weekly chart shows that the ADA price has remained in a tight range in the past few months. It has remained below the important support at $0.80, the highest swing in March 2024. This price was also the upper side of the cup and handle pattern, a popular continuation.
The most bullish Cardano coin forecast is its Elliot Wave pattern. It is now in the second phase of this pattern, which is characterized by a pullback. The next phase, the third one, is usually the longest and is characterized by a huge uptick.
ADA Target Prices
In this case, the most likely scenario is where it surges to $2, which coincides with the 61.8% Fibonacci Retracement level. This target is about 180% above the current level. In the long term, Cardano price will rise and retest the all-time high at $3.1, up by 335% from the current price.
The bullish ADA price forecast will be invalidated if it invalidates the Elliot Wave pattern by moving below the lower side at $0.512.
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