Cardano’s price has stood still this month, while its biggest competitors like Bitcoin and Solana have reached new heights. However, experts are confident that Cardano (ADA) will soon surpass its all-time high with targets as high as $7.
Using the Elliott Wave theory, Big Mike, a popular crypto analyst on X, predicts that ADA will surge in the coming months.
According to him, ADA is currently in its third wave, which could push the price up to $3. After that, it may dip to $1.5 in the fourth wave before shooting up to $7.
However, Mike added a note of caution that Elliott Wave patterns take time to develop. The first wave started in May 2023 and could last until April 2024. This means it may take some time for ADA to hit its target of $7, but the long-term outlook remains positive.
On the technical side, Cardano’s chart shows some strong signs of growth. After rising from $0.28 to $1.33 last year, ADA retraced and is now testing support at $0.81. This is seen as a positive sign, as it could mean a continuation of the uptrend.
A bullish pennant pattern is also forming, which suggests that ADA could rise further. If the price breaks out, Cardano could retest its all-time high of $3, a 200% increase from its current price. However, if ADA drops below $0.81, the price could decline further, possibly reaching $0.50.
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