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Cardano could be the next to surge after XRP, as the ADA price shows signs of an imminent market recovery. A crypto analyst has projected that the ADA price could experience an epic breakout to $4.88 this bull cycle. The analyst has grounded his bullish prediction on the Cardano price action, providing insights into its potential future movements based on technical analysis and current market conditions.
ADA Price Set Sights On $4.88
Alan Santana, a prominent TradingView analyst, has released a report declaring that additional price growth for Cardano is possible in this bull cycle. Sharing a detailed price chart of Cardano’s movements from 2021 to the present and its future price trajectory, the analyst projected a significant rise to $4.88 by 2026.
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Alan Santana revealed that the ADA price has been in a long consolidation phase for 915 days since May 2022. Surprisingly, the popular altcoin had broken out of this range earlier this month, producing the highest bullish volume ever seen.
Cardano’s current market position indicates that it is steadily emerging from a market bottom, a development that often precedes a sustained upward trend. Alan Santana has underscored that Cardano’s recent trend shift is only the beginning, as the cryptocurrency has more room for growth in this bull cycle.
Furthermore, the analyst revealed that the primary focus of his technical chart analysis is not to predict a new all-time high or determine how far up Cardano will reach by 2025. Instead, the analysis aims to highlight Cardano’s short-term price action based on a long-term chart.
Looking at his price chart, Alan Santana has pinpointed the 0.8875 Fibonacci level as the main support level for Cardano. This support was initially a resistance level ADA had conquered during last month’s bullish breakout. The analyst underscored that the breakout signified the highest level the ADA price had reached since May 2022.
Alan Santana has predicted that if Cardano can break above the main support at 0.8875, the market sentiment will remain “super bullish,” and additional price growth should be expected. On the other hand, if Cardano fails to break the 0.8875 level, it could drop to a secondary support level at 0.6330.
If Cardano faces a retracement to 0.6330, the TradingView analyst has emphasized that the cryptocurrency’s overall market structure will still remain strong. These solid fundamentals have prompted the analyst to forecast a major rally to $2 for ADA, if it can maintain a price above the 1.30 Fibonacci level.
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Will Cardano Mirror XRP Price Surge?
Cardano is currently exhibiting potential that mirrors XRP, as the optimism surrounding the ongoing bull market could ignite a price surge for the ADA price. Since the beginning of the year, Cardano’s price has been stuck in a consolidated and declining state. This underperformance led to growing concerns among crypto members, with many labeling ADA a dead coin.
However, with new signs of a potential price rally, Cardano could achieve XRP-like gains if market sentiment shifts in its favor. As of this writing, the price of XRP has been trading at $2.6 after surging by more than 428% in the past month.
Featured image created with Dall.E, chart from Tradingview.com
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