Cardano News: Expert sees ADA price explosion of 300 percent

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The positive news about Cardano (ADA) is increasing. Last week, we reported that activity on Cardano’s DeFi network increased more than other comparable DeFi protocols. Telecom giant Vodafone is also considering using the Cardano blockchain to release its own NFT collection. Now, a cryptocurrency expert is making a huge prediction 300% price increase..

So far, the price of the ADA token is still far from his A record $3.10 removal The cryptocurrency reached this value on September 2, 2021. After ADA fell to USD 0.22 in the meantime, it was able to up a good 33% of its previous high. ADA is currently trading at $0.28. So if ADA hits a record high, investors would have increased their bets tenfold.

Now the crypto analyst is worried Alan Santana with a forecast for stirring. In his analysis, he focuses on the long-term development of Cardano and concludes that the price could be close to a major breakout. He thinks he is seeing a certain pattern that started before the all-time high. Accordingly, the ADA course goes through three stages.

Santana’s three phase theory

In step 1, the price of Cardano is determined by a steady downward trend and a falling diluted wedge. Stage 2 is characterized by a sudden rise followed by a fall below the previous level. Then follows stage 3, a steady rise to the next highest level ever.

Phase 1 and phase 2 are already behind us, the price increase could start in the foreseeable future. Santana is expecting you ADA price of $0.665 at the end of the year. Can also convert to $1.34. In the long term, the cryptocurrency could rally to $2 or $2.5. As for the new high, Santana expects it to be between $4.9 and $7.77.

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Further analysis shows price increases

Analyst Dan Gambardello is also convinced that Cardano’s course could follow an upward trend again in the foreseeable future. In a video from the 4th of July he talks about it $0.32 as main resistance. This level corresponds to the 0.618 Fibonacci level and 50-day moving average.

According to his analysis, Cardano is currently going through higher highs and lower lows, indicating an uptrend to come. The Relative Strength Index (RSI) is also following a pattern similar to the December 2022 crop market, but with lower lows than before. This difference indicates a bullish trend for the price of ADA.

Cardano is also according to Gambardello over sell, mainly due to the negative news regarding the SEC and the upcoming regulations. So there is still a lot of room for improvement, and perhaps we have already reached the starting point.

Meme coins could also benefit from it

Not only could the ADA course reach new heights in the future. Other so called Meme Coins, which could also benefit from upcoming hypes. For example, Wall Street Memes (WSM) is currently available for pre-sale. WSM coin is currently available for 0.031 US dollars. The cryptocurrency can be purchased with Ethereum (ETH), Tether (USDT), Binance Coin (BNB) and with a credit card.

Meme coins can benefit from occasional hype and an active online community. In the case of Wall Street memes, the community refers to the events surrounding GameStop stock. With the barrage of memes, the project is aimed at young investors who are rebelling against traditional financial markets and want to have fun at the same time. Since these cryptocurrencies are largely driven by hype stages, there is always a certain risk.

However, the community with over a million members is impressive. And even Elon Musk has interacted with the tweets of the Wall Street Memes community many times.

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Last updated on July 5, 2023