Experienced market analyst Quantum Ascend remains confident in his projection that Cardano has reached a bottom and will rally from here to a double-digit price.
Cardano Nears Bottom
His analysis featured ADA’s trend within a channel in the weekly timeframe. This structure has contained the coin’s price since 2018, with a trend in an ABCD pattern.
Notably, ADA currently trades within the D-wave, which is corrective, bringing the price to the lower support of the wedge. While Cardano briefly dropped below the trendline, the recent bullish price move has pushed it back into the wedge, signaling strength.
Quantum Ascend insisted that the corrective wave was nearing its end and that a blastoff would follow. He expects the E-wave to be super-bullish, taking the coin to the tip of the rising wedge, aligning with a 24x rise to a new all-time high of $10.4.
Even in a conservative scenario, ADA could rise to $5, representing a 12x, or 1,182%, increase from the current market price of $0.39.
Similarities With 2020 Correction
Further backing his belief that ADA may start its next impulsive move is its similarity to the 2020 correction. He pulled out the retracement structure to the channel’s lower support in 2020, when it reached a low of $0.017, and compared it to the current trend.
This showed an imperfect correlation between the two years, with the analyst stressing that ADA is about to reverse to the upside as it did after the 2020 low.
Cardanos Current Correction Shows Similarity With 2020Again, he identified that the current drawdown has completed an ABC correctional move, strengthening his conviction that the bottom is not far off. According to him, the ongoing rebound could be the start of the bullish push to new all-time highs.
Weekly Oscillator Look Juiced
Meanwhile, he identified another signal that ADA would reverse from here. Specifically, the weekly Stochastic RSI oscillator has formed a pattern that historically kick-started a price rally for the tenth-largest cryptocurrency by market cap.
The market watcher noted that the RSI is beginning to coil up as it did in 2020, which preceded the push to its current all-time high of $3.10. The Stoch RSI moved from under 25 to near 100 during the run, and a similar momentum is building currently.
Additionally, he noted that the MACD is signaling bearish exhaustion, as the red bars have been receding. A bullish crossover to the upside would also confirm the reversal momentum, spurring the E-wave rally to $10.4 in a bullish case and $5 in a conservative scenario.
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