In the ever-evolving landscape of cryptocurrency, few digital assets generate as much intrigue as Cardano (ADA). Recently, renowned market analyst Quantum Ascend shared his optimistic outlook, suggesting that Cardano may be on the verge of a dramatic price surge. After extensive examination of current market dynamics, Ascend believes the cryptocurrency’s price, currently hovering around $0.39, is set for a correction completion, paving the way for a bullish breakout.
According to Ascend, the ongoing correction phase appears nearly finished, with the potential for a powerful rally just around the corner. He has identified Cardano’s price movement as part of a long-term ABCD pattern, a structure that has held since 2018. Within this framework, he highlights that Cardano is currently engaged in a D-wave correction, which is typically seen as a period of consolidation before a major market move.
Given the recent price action, Ascend notes that Cardano has shown signs of resilience by reclaiming its position within the wedge formation. He is bolstered by early indications of strength that suggest a forthcoming reversal. According to his analysis, Cardano’s E-wave peak could see the token climbing to an impressive $10.4, translating to an astronomical 24x increase from current levels. In a more conservative scenario, he anticipates a rise to $5, representing a still-respectable 12x gain.
These projections are driven by historical comparisons, particularly to the bullish turnaround seen in 2020, when Cardano’s price fell to as low as $0.017 before embarking on a significant upward trajectory. Ascend finds striking similarities between the current price structure and that preceding rally, reinforcing his assertion that Cardano has likely found a bottom.
Moreover, his examination of momentum indicators paints an encouraging picture. The Stochastic RSI on the weekly chart shows early signs of an upward coil, which precedes substantial market rallies. Ascend recalls how, during the 2020 surge, the RSI moved from below 25 to near 100, culminating in a dramatic price boost for investors.
Further supporting his bullish stance, he points to the MACD histogram indicating a waning bearish pressure, with red bars beginning to recede. This development suggests that a bullish crossover could soon materialize, confirming reversal signals and potentially igniting renewed buying interest.
As Cardano approaches crucial resistance levels, market dynamics favor a potential rally that could elevate ADA either to the projected $5 or possibly even to $10.4. Ascend concludes with a note of optimism, asserting that the technical indicators align harmoniously to signal the onset of a bullish trend reversal.
With the current landscape favoring increasing buying interest and a potential breakout, investors and analysts alike will undoubtedly keep a close watch on Cardano’s price movement in the days and weeks to come.
