Renowned Bitcoin analyst SpartaBTC has presented a compelling analysis on TradingView, suggesting that Cardano (ADA) is on the cusp of entering a new bullish phase. This prediction is based on historical price movements and technical indicators, which point to a potential price increase of up to 2,257%.
Historical Context: Previous Accumulation Phase
To understand the current market dynamics, it is essential to examine Cardano’s past performance. Between November 2018 and June 2020, ADA experienced a significant accumulation phase, during which its price consolidated between $0.027 and $0.117.
The average accumulation price was $0.0440, laying the groundwork for a massive rally. In June 2020, ADA broke out of this accumulation zone, surging to $0.38 by January 2021, representing a 763% increase from the average accumulation price.
Current Market Analysis: Latest Accumulation Phase
SpartaBTC’s analysis suggests that Cardano has entered another accumulation phase, similar to the one from November 2018 to June 2020. This latest phase lasted from October 2022 to November 2023, during which ADA’s price remained relatively stable, setting the stage for the next potential breakout.
Despite a recent correction, SpartaBTC identifies a bullish falling wedge pattern, indicating that the downtrend is losing momentum and often precedes a significant price increase.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Price Targets: Short-Term and Long-Term Projections
Based on the falling wedge pattern, SpartaBTC has set an initial price target of $1.96, representing a 387% surge from current levels. However, the most ambitious target is $9.5, representing a 2,262% increase from Cardano’s current price of approximately $0.4022.
In the short term, ADA is looking to end a losing streak that began on July 28, with a daily chart analysis confirming Cardano’s bullish prospects. The chart highlights the falling wedge pattern, with SpartaBTC identifying an immediate target of $0.8918, marking a 97.66% increase from the July 18 resistance level at $0.4489.
While cryptocurrency markets are highly volatile, Cardano’s historical trends and technical indicators suggest a significant price increase is on the horizon. Investors and traders should conduct thorough research and consider multiple sources before making investment decisions. SpartaBTC’s analysis provides valuable insights into Cardano’s market dynamics, making a compelling case for ADA’s potential price surge.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
