Cardano has been making headlines lately with a series of bullish predictions, particularly in anticipation of the Chang upgrade. This upgrade is seen as a significant step forward for the network, generating a surge of optimism among its supporters.
In the past three years, Cardano has experienced both bullish and bearish cycles, with the bears seemingly coming out on top. The altcoin reached its all-time high price of $3.10 in 2021, after which it began a downward trend. While this downward trajectory would typically discourage investors, crypto analyst Alan Santana remains bullish in his analysis.
According to Santana, the period following the all-time high and 2023 marked a bear market for Cardano. This was succeeded by a consolidation phase throughout 2023, leading to an upward trend in early 2024. The price of ADA fluctuated between $0.24 and $0.79 during this time, signaling the initial bullish breakout.
Santana views this initial breakout as merely an appetizer before the main event of a major bull market. Despite a 50% decrease in value post the local peak of $0.79, the analyst considers it a minor correction in the grand scheme of things.
The analyst predicts that Cardano’s price will likely settle around $0.22 before bouncing back and climbing higher. Short-term targets encompass a 284.5% rise to $1.36 and a 475.39% rise to $2. However, the long-term outlook indicates even more explosive rallies.
Santana anticipates a substantial 1,272.18% surge to a new all-time high of $4.80 in the future. The most significant rally he foresees is a staggering 2,200% increase that would propel the price to $8.00.
While the recent downward trend in Cardano’s price may have worried some investors, Santana’s analysis suggests that this is just a minor setback on the path to a bullish future. As the network gears up for the much-anticipated Chang upgrade, the stage is set for Cardano to potentially reach new all-time highs and beyond in the coming years.
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