Cardano (ADA) has recently been labeled as a “dinosaur coin” by many in the crypto community. However, a recent video chart analysis by XForceGlobal (@XForceGlobal) suggests that ADA may be on the brink of a strong upward phase, akin to what Solana (SOL) experienced earlier this year. This analysis delves into the Elliott Wave cycle and compares ADA’s current position to that of SOL, highlighting potential bullish momentum on the horizon.
The Elliott Wave Theory, which forms the basis of XForceGlobal’s analysis, emphasizes the repetitive nature of market cycles driven by investor psychology. By mapping out ADA’s current wave count and comparing it to SOL’s previous rally, the analyst predicts that ADA is currently in the second wave following a corrective pullback. This phase typically precedes a strong bullish momentum, similar to what SOL experienced before entering its third wave.
XForceGlobal projects a conservative estimate of a 5x to 10x increase in ADA’s price based on historical data from other high market cap altcoins like XRP. The analyst believes that ADA’s potential wave three could be more profitable than XRP’s current wave progression, potentially leading to a break of the all-time high. The risk-reward ratio calculated by the analyst suggests a promising 14 or 15:1 potential, paving the way for a prospective 600% run in the near future.
In a market dominated by meme-driven cryptocurrencies, XForceGlobal emphasizes the importance of historical context and the overlooked potential of “dinosaur coins.” These coins, which have been trading since 2018 or earlier, may be gearing up for another significant run, especially amidst the meme coin narrative that has overshadowed more traditional projects like ADA. The analyst suggests that ADA’s structure and price history resemble that of SOL during its bottoming phase, hinting at a potential surge towards $3 in the future.
Despite being written off as a “dinosaur coin,” Cardano (ADA) presents a promising outlook according to XForceGlobal’s analysis. The similarities between ADA’s current trajectory and SOL’s historical rally, combined with the potential for a wave three breakout, paint a bullish picture for ADA’s future price action. With a risk-reward ratio favoring long positions and the possibility of reaching new all-time highs, ADA may surprise skeptics and critics alike in the coming months. As of the time of writing, ADA is trading at $0.3842, but its potential for growth remains substantial.