Recently, crypto analyst @XForceGlobal has shared a video chart analysis focusing on Cardano (ADA), a cryptocurrency that has been labeled as a “dinosaur coin” by many in the current market. The analysis provided an in-depth look at Cardano’s position within the Elliott Wave cycle, suggesting that ADA is on the brink of entering a strong upward phase known as “Wave 3.”
XForceGlobal compared the current price action of ADA to that of Solana (SOL), using logarithmic price charts to identify Elliott Wave structures. The comparison revealed similarities in the price trajectory, with Solana demonstrating a WXY corrective pullback followed by a new impulse wave setup. This analysis caught many investors off guard, as the pullback initially appeared to be an impulse wave to the downside.
The Elliott Wave Theory, central to XForceGlobal’s analysis, suggests that markets move in repetitive cycles of waves driven by investor psychology. Based on this theory, ADA is mirroring the early stages of Solana’s previous rally, positioning itself in the second wave following a corrective pullback. This phase typically precedes strong bullish momentum, leading to potential significant gains.
XForceGlobal projected 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. The analyst emphasized that Wave 3’s are usually the most profitable, potentially surpassing the gains seen in other cryptocurrencies like XRP. ADA’s current position in the cycle suggests the potential for a breakout to new all-time highs.
To quantify the risk-reward ratio, the analyst used a long positioning tool indicating a potential 14 or 15 : 1 risk-reward ratio based on a prospective 600% run. XForceGlobal also stressed the importance of historical context, noting that “dinosaur coins” with long price histories may be setting up for another bullish run amidst the hype surrounding meme-driven cryptocurrencies.
@XForceGlobal highlights a highly optimistic outlook for ADA, stating that Cardano has the potential for significant gains in the upcoming market cycle. The structure of ADA’s price movement appears similar to that of SOL before a significant price increase, with Wave 3 targets potentially reaching around $3. This positive analysis suggests that ADA could be on the cusp of a major price surge.
Based on XForceGlobal’s analysis, Cardano (ADA) emerges as a cryptocurrency with significant growth potential in the near future. The comparison to Solana and the application of Elliott Wave Theory provide a strong foundation for the projected price increase. Investors should consider the risk-reward ratio and historical context when evaluating the potential for ADA’s price movement in the coming months.
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