Experienced market analyst Quantum Ascend remains confident in his projection that Cardano has reached a bottom and will rally from here to a double-digit price. According to him, it is only a matter of time before Cardano pumps aggressively. In his recent analysis, he highlighted possible catalysts for this uptrend, including a bottoming in ADA prices. His analysis featured ADA’s trend within a channel in the weekly timeframe.
This structure has contained the coin’s price since 2018, with a trend in an ABCD pattern. Notably, ADA currently trades within the D-wave, which is corrective, bringing the price to the lower support of the wedge. While Cardano briefly dropped below the trendline, the recent bullish price move has pushed it back into the wedge, signaling strength. Quantum Ascend insisted that the corrective wave was nearing its end and that a blastoff would follow.
He expects the E-wave to be super-bullish, taking the coin to the tip of the rising wedge, aligning with a 24x rise to a new all-time high of $10.4. Even in a conservative scenario, ADA could rise to $5, representing a 12x, or 1,182%, increase from the current market price of $0.39. Further backing his belief that ADA may start its next impulsive move is its similarity to the 2020 correction. He pulled out the retracement structure to the channel’s lower support in 2020, when it reached a low of $0.017, and compared it to the current trend.
This showed an imperfect correlation between the two years, with the analyst stressing that ADA is about to reverse to the upside as it did after the 2020 low. Cardano’s current correction shows similarity with 2020. Again, he identified that the current drawdown has completed an ABC correctional move, strengthening his conviction that the bottom is not far off. According to him, the ongoing rebound could be the start of the bullish push to new all-time highs.
Meanwhile, he identified another signal that ADA would reverse from here. Specifically, the weekly Stochastic RSI oscillator has formed a pattern that historically kick-started a price rally for the tenth-largest cryptocurrency by market cap. The market watcher noted that the RSI is beginning to coil up as it did in 2020, which preceded the push to its current all-time high of $3.10. The Stoch RSI moved from under 25 to near 100 during the run, and a similar momentum is building currently. Additionally, he noted that the MACD is signaling bearish exhaustion, as the red bars have been receding. A bullish crossover to the upside would also confirm the reversal momentum, spurring the E-wave rally to $10.4 in a bullish case and $5 in a conservative scenario.
Experienced market analyst Quantum Ascend remains confident that Cardano has bottomed and is set for a rally toward double-digit prices. He cites catalysts including a bottoming ADA price and a weekly channel pattern that has contained the move since 2018, framed by an ABCD structure. ADA is currently within a D-wave, a corrective phase, near the lower wedge support, and recent bullish action has pushed it back into the wedge.
Ascend argues the corrective wave is nearing completion and a blastoff could follow. The E-wave could push ADA to the wedge tip, potentially delivering a 24x rise to $10.4, while a conservative scenario targets $5.0. He also compares the current move to the 2020 correction, noting the retracement to the channel’s lower support at $0.017 and a similar upside reversal.
Technical indicators bolster the thesis: the weekly Stochastic RSI has formed a pattern that historically preceded rallies, with the RSI coil rising similar to 2020. The MACD shows bearish exhaustion, and a bullish crossover could confirm upside momentum toward the envisioned targets.
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