Cardano Analyst Predicts ADA Price Could Reach $4.88
Cardano (ADA) shows signs of a potential market recovery, with analysts predicting a price breakout to $4.88 during this bull cycle. This forecast is based on technical analysis and current market conditions.
ADA Price Target: $4.88
Analyst Alan Santana has indicated that additional growth for Cardano is possible, projecting a rise to $4.88 by 2026. His analysis includes a detailed chart showing ADA's price movements since 2021.
ADA has been consolidating for 915 days since May 2022 and recently broke out of this range with significant bullish volume. Current market indicators suggest Cardano is emerging from a market bottom, often a precursor to an upward trend. Santana believes this shift is just the beginning, indicating further growth potential.
The primary focus of Santana's analysis is short-term price action rather than predicting new all-time highs. He highlights the 0.8875 Fibonacci level as the key support level, which was previously a resistance level conquered during the recent breakout. If ADA maintains above this support, market sentiment will remain bullish; failure to do so could lead to a drop to 0.6330.
Despite potential retracement to 0.6330, the overall market structure is expected to remain strong. If ADA holds above the 1.30 Fibonacci level, a rally towards $2 is anticipated.
Potential for XRP-like Surge
Cardano's current trends mirror those of XRP, suggesting that renewed optimism in the market could trigger a price surge. Following a period of consolidation and decline, concerns about ADA being labeled a "dead coin" have emerged. However, signs of a potential rally could lead to gains similar to XRP, which has surged over 428% recently, trading at $2.6.
