A recent video chart analysis by crypto analyst @XForceGlobal has shed light on the potential of Cardano (ADA) in the current market environment. Despite being labeled as a “dinosaur coin” by some, XForceGlobal points out that ADA may be on the brink of entering a strong upward phase, specifically identified as “Wave 3” within the Elliott Wave cycle.
XForceGlobal draws a comparison between the current price action of ADA and that of Solana (SOL). By utilizing logarithmic price charts and identifying Elliott Wave structures, the analyst highlights a WXY corrective pullback followed by a new impulse wave setup, similar to what SOL experienced earlier in the year. This comparison serves as a basis for projecting ADA’s potential trajectory in the coming months.
Looking ahead, XForceGlobal projects a conservative estimate of a 5x to 10x increase in ADA’s price based on historical data and Elliott Wave analysis. Drawing parallels to high market cap altcoins like XRP, which are also at crucial stages in their market cycles, the analyst emphasizes the potential profitability of ADA’s current position, particularly as it enters the third wave of its cycle.
To quantify the risk-reward ratio, XForceGlobal utilizes a long positioning tool that suggests a 14 or 15:1 risk-reward potential for ADA, based on a prospective 600% run. The analyst also emphasizes the importance of historical context, pointing out the overlooked potential of “dinosaur coins” that have long price histories and may be gearing up for another significant rally in the midst of the current memecoin narrative.
XForceGlobal paints a highly optimistic outlook for ADA, citing its past performance during the bull market and its resilience during the bear market. By drawing parallels to SOL and projecting Wave 3 targets around $3, the analyst suggests that ADA may be on the cusp of a major breakout.
At the time of writing, ADA is trading at $0.3842, but the potential for significant growth in the near future is undeniable based on XForceGlobal’s analysis and projections. As investors navigate the volatile cryptocurrency market, keeping an eye on coins like Cardano that may be poised for a strong rally could prove to be a lucrative opportunity.
Leave a Reply