Cardano (ADA) has continued to face a challenging period since March, marked by a persistent downtrend exacerbated by a broader slump in the cryptocurrency market.
Despite a brief rally attempt in mid-July, ADA’s momentum has been hindered by a recent market downturn. Bitcoin led a global crypto market cap drop of nearly $500 billion in the last 30 days. However, some analysts are bullish on Cardano’s future, citing historical data that suggests the cryptocurrency could be on the cusp of a significant surge.
Javon Marks, a noted cryptocurrency analyst, recently projected a possible rally that could see ADA surpass the $5 mark. In a tweet, the pundit emphasized that the cryptocurrency’s current price levels suggest a potential increase of over 732%, targeting a price of $2.77 in the shorter term.
Notably, Marks’ analysis is built on observations of ADA holding steady after breaking out of a significant resistance level. He noted that the cryptocurrency has demonstrated hidden bullish divergences, which could imply that the recent pullback might be temporary. Marks further noted that if Cardano adheres to historical trends, it could experience remarkable growth ranging from 1,400% to 2,200%, with prices possibly climbing to as high as $5.30 or even $7.82.
Elsewhere, in a post on the popular charting platform Tradingview, analyst “VanguardCobra” pointed to technical indicators that might support an imminent price increase. Notably, the pundit’s analysis highlighted ADA’s position at the bottom of a “megaphone” pattern and within an ascending wedge formation. The anticipated breakout from this pattern and a positive divergence in the MACD indicator could signal a potential upswing to $1.20.
However, despite these optimistic projections, several experts have cautioned that ADA may continue to dip until it reaches a long-standing support level at $0.24, where they expect a substantial bull run to unfold.
These forecasts come as Cardano prepares for its highly anticipated “Chang” hard fork. According to CardanoFeed on X, 79% of network nodes, including stake pool operators (SPOs), have signaled their readiness for the upgrade. The Cardano community is now eagerly eyeing August for its implementation. The Chang hard fork is expected to bolster decentralization and enhance network coordination significantly. Additionally, it will introduce a new governance system and a substantial ADA treasury featuring 1 billion tokens.
Moreover, Cardano’s development activity continues to thrive, as reflected in its high ranking on Santiment’s development activity charts. This robust innovation and the upcoming hard fork could serve as additional catalysts for ADA’s price movement in the near future.
According to CoinMarketCap, ADA traded at $0.3348 at press time, reflecting a 1.51% surge over the past 24 hours.
