Cardano: Analyst Predicts $10.40 Target as Echoes of 2020 "Blastoff" Resurface
A prominent crypto technical analyst is drawing compelling parallels between Cardano's (ADA) recent price action and a pivotal market pattern observed just before its substantial 2020 rally. This analysis suggests that ADA could be on the cusp of a significant upward movement, with a primary target projected to reach over $10.
The Anatomy of a Potential Surge
Technical analyst Quantum Ascend, widely known on X as @quantum_ascend, recently shared insights indicating that Cardano is nearing the culmination of an extended corrective phase, visible on its weekly charts. He identifies this period as a "slower and messier" D-wave macro correction, forming a triangle structure, anticipating an ensuing "E-wave" to propel prices higher. The immediate "conservative" target zone is set between $4.88 and $5.50. However, the more ambitious "primary" bull-run target stands at an impressive $10.40, a figure that, when contextualized by ADA's historical performance, represents a roughly 25x gain from its current levels. This prediction is further bolstered by a confluence of technical indicators, including a key 3.618 Fibonacci extension that aligns with the $10 mark.
Historical Precedent and Broader Market Insights
Quantum Ascend underscores his bullish outlook by highlighting structural similarities in Cardano's chart to the period preceding its last major breakout, a "fractal-style read." He also draws an intriguing comparison to Ethereum Classic, suggesting that if ADA mirrors ETC's past movements, it could solidify its ascent towards the $10 range. While optimistic about altcoins like Cardano, the analyst maintains a broader market perspective, noting that corrections in both traditional and crypto markets appear to be winding down, setting the stage for what he terms a "blow off top." He tempers expectations regarding Bitcoin, however, forecasting a top around $155,000 rather than an extended "supercycle to $400k," emphasizing a strategic focus on altcoins during this final leg of the market cycle.
