Tuesday, October 19, 2021

Top Analyst Says Cardano (ADA) Has Bottomed Out and Ready for New Significant Uptrend

Capo, a top crypto analyst and trader has predicted a massive surge in the price of Cardano (ADA), the third-largest cryptocurrency by market capitalization, as the crypto market showcases signs of resurgence.

Capo, in a tweet as first reported by Daily Hodl, believes that Cardano (ADA) has already bottomed and ready for a new significant uptrend.

Read Also: Coin Bureau Host: Cardano To Trigger Largest Explosion in Crypto innovation Since Ethereum Launch in 2015

Capo tweeted, “ADA bottom was $1.90 Now all the way up to $10. Long and strong on ADA.”

Capo continued by referencing one of his previous tweets where he accurately predicted that the price of Cardano (ADA) would drop down to around $1.90 before resuming its bullish trend.

Read Also: ADA Breaks above $3 for the First Time As Smart Contracts Now Run On Cardano Testnet

Capo noted:

“It looks heavy here. Potential correction to $1.85-1.90. Macro view is bullish and it will probably go to $10 or higher this year.”

In predicting the price of Cardano (ADA), the popular analyst used the Elliott Wave theory, a technical analysis approach that foretells future price action by following crowd psychology that tends to show up in waves.

Capo shows in his chart that the downtrend of Cardano to $1.90 marks the end of the cryptocurrency’s corrective phase and the beginning of a new bullish phase.

Read Also: Cardano’s Daedalus Wallet with Alonzo Support and Countdown to Alonzo Upgrade Released

The trader is also bullish on altcoins as a whole. He believes that the entire cryptocurrency market will notably surge in the coming months:

“I repeat: this is just noise in the middle. $30,000-$50,000 [BTC] is a massive accumulation range. The corrections to $42,000, $40,000 or $38,000 [BTC] are gifts. Take them. October-December will be epic, especially for altcoins.”


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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