Cardano Next In Line After XRP? ADA Price Targets $4.88 In Epic Breakout

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As a seasoned crypto investor with over a decade of experience in this volatile market, I have seen my fair share of bull runs and bear markets. The latest analysis by Alan Santana, a respected TradingView analyst, has piqued my interest in Cardano (ADA). His prediction of ADA price reaching $4.88 by 2026 is indeed intriguing, especially considering the coin’s recent bullish breakout and long consolidation phase.

It’s possible that Cardano might follow in XRP‘s footsteps with a potential surge, given that its ADA token appears to be gearing up for a market rebound. A crypto expert has speculated that the price of ADA could soar to an impressive $4.88 during this bull run. This optimistic forecast is based on the analyst’s analysis of Cardano’s price trends and his interpretation of its likely future trajectory, taking into account both technical analysis and current market circumstances.

ADA Price Set Sights On $4.88

As a crypto investor, I’m excited about the latest forecast by Alan Santana, a recognized TradingView analyst. In his recent report, he predicts potential further growth for Cardano within this bull cycle. By providing a comprehensive chart of Cardano’s price movements from 2021 up until now and its projected future direction, he suggests that we might see a substantial increase to around $4.88 by the year 2026. This is definitely something I’ll be keeping an eye on!

For approximately two years starting from May 2022, the price of ADA has remained in a prolonged consolidation period, according to Alan Santana. Remarkably, this widely recognized altcoin managed to break free from this phase just recently, leading to a record-breaking surge in bullish activity.

Currently, Cardano’s standing in the market suggests it’s gradually climbing out of a low point, which is usually followed by a prolonged upward movement. Alan Santana emphasizes that this change in trend for Cardano is just the start, as there’s still potential for more growth within this bull market cycle.

Beyond this, it was disclosed that the core emphasis of the analyst’s technical chart assessment is not to foresee a fresh record high or ascertain how high Cardano might climb by 2025. Instead, the analysis aims to underscore the cryptocurrency’s short-term price fluctuations as observed on a long-term chart.

In his analysis, Alan Santana identified the Fibonacci level of 0.8875 as a crucial support point for Cardano. This level was previously a resistance point that the price of ADA overcame during its bullish surge last month, marking a significant milestone since May 2022, as it represented the highest price achieved by ADA since then.

If Cardano manages to surpass the key support at $0.8875, Alan Santana anticipates that the market outlook will stay extremely optimistic, with further price increases likely. Conversely, if Cardano struggles to breach the $0.8875 mark, it may slide down to a secondary support level around $0.6330.

If Cardano faces a retracement to 0.6330, the TradingView analyst has emphasized that the cryptocurrency’s overall market structure will still remain strong. These solid fundamentals have prompted the analyst to forecast a major rally to $2 for  ADA, if it can maintain a price above the 1.30 Fibonacci level.  

Will Cardano Mirror XRP Price Surge? 

Right now, Cardano is showing signs similar to XRP, as there’s a lot of excitement about the ongoing bull market that might trigger an increase in the price of ADA. However, it’s important to note that since the start of this year, the price of Cardano has been in a tight, downward trend. This prolonged underperformance has raised doubts among cryptocurrency enthusiasts, with some even calling ADA a defunct coin.

In light of emerging indications of a possible price increase, Cardano might mirror XRP’s gains if market opinion swings positively towards it. Presently, XRP is trading at around $2.6, having soared by over 428% within the last month.

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2024-12-03 18:40