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.
Capo tweeted, “ADA bottom was $1.90 Now all the way up to $10. Long and strong on ADA.”
$ADA bottom was $1.90
Now all the way up to $10 🤝 https://t.co/Q0Os2W5D53
— il Capo Of $NOIA (@CryptoCapo_) September 25, 2021
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.
“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.”
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. pic.twitter.com/ioKCNX5ojZ
— il Capo Of $NOIA (@CryptoCapo_) August 22, 2021
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.
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.”