Cardano has been the subject of numerous bullish predictions recently, especially in light of the highly anticipated Chang upgrade. This upgrade is touted as one of the most significant for the network in a while, sparking a wave of optimism among its supporters.
The Bearish Trend Since 2021
Despite the optimism surrounding Cardano, the altcoin has been on a downward trajectory since reaching its all-time high price of $3.10 in 2021. The bears seem to have gained the upper hand in the last three years, with the price experiencing multiple waves of bullish and bearish cycles.
Crypto analyst Alan Santana has presented another bullish prediction for Cardano, foreseeing a substantial rally that could propel the altcoin to new all-time high prices. Santana’s analysis focuses on the period when Cardano hit a new all-time high in 2023 and the subsequent consolidation phase that followed.
The Initial Bullish Breakout
Santana points to the period from the start of 2023 to the end of 2023 as a consolidation phase for Cardano, after which the price began to climb in early 2024. This initial upward movement, referred to as the “initial bullish breakout” by Santana, is seen as a precursor to a major bull market for the altcoin.
Despite the recent minor correction that saw Cardano lose around 50% of its value since reaching a local peak of $0.79, Santana remains bullish on the altcoin’s prospects. He expects the price to bottom out around $0.22 before a bounce leads to further gains. In the short term, targets include a 284.5% increase to $1.36 and a 475.39% increase to $2. Over the long term, Santana predicts even more explosive rallies, with the most notable being a 2,200% increase that would push the price to $8.
Cardano’s price forecast is a subject of much speculation and optimism, with analysts like Alan Santana pointing towards a potential bullish breakout and significant price increases in the future. While the altcoin has faced challenges in recent years, the upcoming Chang upgrade and potential trend reversal could pave the way for new all-time highs and exciting developments in the Cardano ecosystem. Investors and traders alike will be closely monitoring the price movements of Cardano in the coming months to see if Santana’s bullish prediction plays out.
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