Recently, crypto analyst @XForceGlobal shared a video chart analysis focusing on Cardano (ADA), a cryptocurrency that some are currently overlooking as a “dinosaur coin.” In the analysis, XForceGlobal provided an in-depth examination of Cardano’s current position within the Elliott Wave cycle, suggesting that ADA is on the brink of entering a strong upward phase known as “Wave 3.” This viewpoint is supported by comparing ADA’s current price action to that of Solana (SOL), which displayed a similar trajectory earlier this year under comparable market conditions. By utilizing logarithmic price charts, XForceGlobal identified the Elliott Wave structures, highlighting a WXY corrective pullback followed by a new impulse wave setup.
The Elliott Wave Theory, central to XForceGlobal’s analysis, posits that markets move in repetitive cycles of waves driven by investor psychology. According to the analyst, ADA is mimicking the early stages of Solana’s previous rally, which resulted in significant gains as it entered the third wave of its cycle. Currently, ADA is believed to be in the second wave after a corrective pullback, signaling potential strong bullish momentum on the horizon. XForceGlobal emphasized the need for investors to pay attention to timing, as historical data suggests that ADA has the potential for a 5x to 10x increase in its price in the near future.
Looking forward, the analyst projects a conservative estimate of a 5x to 10x increase in ADA’s price based on Elliott Wave analysis and comparative historical data from other high market cap altcoins like XRP. XForceGlobal highlighted the profitability of “Wave 3’s,” comparing ADA’s current position to that of XRP, which is currently in the third wave of its cycle. By utilizing a long positioning tool, the analyst determined a risk-reward potential of 14 or 15 : 1, suggesting a prospective 600% run for ADA. Additionally, XForceGlobal emphasized the importance of historical context and the significance of “dinosaur coins” in the crypto market, suggesting that these coins may be gearing up for another run in the near future.
XForceGlobal painted a highly optimistic outlook for ADA, stating that Cardano saw an 18,000% run in its last bull market. By drawing parallels between ADA’s current structure and SOL’s bottoming process, the analyst targets a potential price point of around $3 for ADA’s Wave 3. Despite current market trends, XForceGlobal remains bullish on ADA’s future prospects. At the time of this analysis, ADA was trading at $0.3842.
XForceGlobal’s analysis provides valuable insights into the potential growth and profitability of Cardano (ADA) in the coming months. By carefully examining ADA’s position within the Elliott Wave cycle and comparing it to other high market cap altcoins, the analyst makes a compelling case for ADA’s upward trajectory. Investors looking for opportunities in the crypto market may find XForceGlobal’s analysis of ADA to be informative and insightful.
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