Crypto Analyst Believes Cardano Price May Surge

Cardano price has sold off and moved into a bear market after soaring to a multi-year high in December last year. ADA has plunged by over 45%, and sentiment among market participants has worsened

Crypto analyst Javon Marks has predicted that Cardano (ADA) price may surge by 264%. He said that the coin could surge to as high as $7.8 in the long term.

Such a move would signal a surge of 975% from the current level.

Crypto analyst Javon Marks predicts that Cardano (ADA) price may surge by 264%. He said that the coin could surge to as high as $7.8 in the long term.

As shown below, he used a five-day chart and noted that the coin has formed a series of higher highs, and higher lows since 2023. As such, he believes that the coin will surge if repeats its previous cycles.

However, it is worth noting that his prediction is based on a five-day chart, which can be lagging since each bar represents 5 days. As such, it can take many months or even years for the prediction to happen. For example, the coin formed a falling wedge pattern for a whole year in 2024 before breaking out of it.

In the short term, Cardano price will depend on the overall movement in the crypto market. It also has more catalysts like a spot ADA ETF approval, a broader crypto market rally, and the upcoming BitcoinOS integration.

The weekly chart shows that the ADA price has remained in a tight range in the past few months. It has remained below the important support at $0.80, the highest swing in March 2024. This price was also the upper side of the cup and handle pattern, a popular continuation.

The most bullish Cardano coin forecast is its Elliot Wave pattern. It is now in the second phase of this pattern, which is characterized by a pullback. The next phase, the third one, is usually the longest and is characterized by a huge uptick.

In this case, the most likely scenario is where it surges to $2, which coincides with the 61.8% Fibonacci Retracement level. This target is about 180% above the current level. In the long term, Cardano price will rise and retest the all-time high at $3.1, up by 335% from the current price.

The bullish forecast will be invalidated if it invalidates the Elliot Wave pattern by moving below the lower side at $0.512.