As a seasoned researcher with over a decade of experience in the crypto market, I find XForceGlobal’s analysis on Cardano (ADA) particularly intriguing. Having closely watched the Elliott Wave cycles since their inception, I can appreciate the parallels drawn between ADA and Solana (SOL), two coins that have proven to be resilient and capable of significant price surges.
Crypto analyst @XForceGlobal shared a new video chart analysis focused on Cardano (ADA), a cryptocurrency that many are dismissing as a “dinosaur coin” at the moment. In the analysis, XForceGlobal (@XForceGlobal) provided an in-depth look at Cardano’s current position within the Elliott Wave cycle, suggesting that ADA is on the of entering a strong upward phase, commonly referred to as “Wave 3.”
Cardano Price Could Soar To $2.88
In simpler terms, the researcher is examining the recent trends in ADA‘s price and observing similar patterns seen earlier in Solana (SOL). During comparable market circumstances this year, Solana showed a similar upward trend. This comparison uses logarithmic price graphs to highlight the Elliott Wave patterns, which suggest a corrective pullback labeled WXY and then the setup for a new upward momentum.
XForceGlobal pointed out that if you examine Solana’s true wave count, you’ll notice it experienced a WXY correction. This unexpected correction took us all by surprise; it didn’t appear like a typical correction. Instead, it seemed more like an upward thrust to the downside. The surprise was shared among both bullish and bearish investors.
In the analysis by XForceGlobal, they note that Cardano (ADA) seems to be following the early pattern of Solana’s earlier rally. This rally, marked by substantial growth, was during Solana’s third wave in its cycle as per the Elliott Wave Theory. This theory suggests that market movements are driven by recurring cycles of investor sentiment waves. At present, XForceGlobal suggests that ADA appears to be in what seems like the second wave, following a corrective pullback. This phase is usually followed by strong, bullish momentum.
As a crypto investor, I can’t help but recall the incredible 18,000% returns we saw during the last bull market. It puzzles me why some are so quick to dismiss this coin as obsolete. To me, it’s a promising project that simply requires us to seize the right moment in terms of timing for potential gains.
Looking ahead at ADA‘s possible future, the analyst anticipates a more reserved growth range, suggesting that its price could potentially rise between 5 and 10 times. This projection is not solely based on Elliott Wave analysis, but also draws comparisons from historical data of other well-established altcoins like XRP, which are currently in similar stages within their market cycles.
XForceGlobal noted that Wave 3 tendencies often yield the most profit, possibly surpassing what XRP may offer at present. This is due to the fact that XRP is currently in Waves 3 to 4, and it’s uncertain how Wave 5 will unfold, typically marking the conclusion of a trend. On the other hand, ADA is in Wave 3, and there’s a possibility it may even reach Wave 5. This could potentially propel us to new heights that might breach previous all-time highs.
As a crypto investor, I often consider the risk-reward balance before making any moves. To gauge this, I utilize a long strategy tool that indicates a substantial 14 or 15 times potential return on investment, given a projected 600% surge. It’s crucial to keep in mind the historical backdrop during these analyses, as the crypto landscape is always evolving. Interestingly, some analysts seem to be overlooking “dinosaur coins” and instead favoring newer, meme-influenced cryptocurrencies.
As someone who has been following the cryptocurrency market since its early days, I have noticed that dinosaur coins, or those that have been circulating since around 2018 and have a rich history, may be poised for another surge in value. These coins haven’t experienced a significant run during the memecoin narrative, which is unusual given their long-standing presence in the market. I believe that this could mean they are setting us up for another rally, as they may be undervalued compared to other more popular cryptocurrencies. Based on my experience and observations, it’s worth keeping an eye on these dinosaur coins, especially if you’re a seasoned investor looking to capitalize on market trends.
In summary, @XForceGlobal’s analysis points towards a promising future for ADA. Through X, he expressed that “Cardano experienced an impressive 18,000% growth spike during its previous bull run, but it also exhibited one of the most robust corrections during the bear market. The pattern appears to resemble the structure Cardano had when Solana was forming a bottom, suggesting a potential 1-2 sequence. The potential peak for wave 3 would be around $3.”
At press time, ADA traded at $0.3842.
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2024-08-23 14:11