As the price of Bitcoin has recovered, expectations for altcoins such as Cardano have been on the rise. This has led to bullish predictions for the ADA price, especially as one crypto analyst, Alan Santana, foresees a significant surge in the price of the altcoin. According to Santana, the days of struggles are over and it is time for ADA to begin its anticipated move upward.
The Time For Cardano Recovery Is Over
In a recent analysis, crypto analyst Alan Santana stressed that the time for recovery for the Cardano price is over. The analyst is seemingly pointing to the slow recovery that took place over the year after the price crashed alongside Bitcoin and fell below $0.3.
Santana pointed out the fact that the market has been rising and has not made any new lows since November 202, which shows “maximum bullish strength” after the final correction. However, the likes of Cardano failed to follow this same bullish trend.
The analyst pointed out that there was a double top in December 2023, which also ended up at around the same level that the price was trading back in May/June 2022. “The recovery year is over, this is the important part,” the crypto analyst declared.
Price Targets For ADA Price Going Forward
In the charts shared by the crypto analyst, multiple price targets are outlined for the Cardano price going forward. Santana’s forecast points out a likely decline in price down below $0.4, reaching as low as $0.38 before the price begins to rally.
Once a bounce occurs from this downtrend, the crypto analyst foresees a quick rally upward. The first of these rallies sees the altcoin’s price reaching as high as $0.68, an over 20% increase from the current level. Then, moving upward, the second target is placed at $1.2, which is an almost 200% move from the current levels.
However, the crypto analyst leaves a warning with the analysis as they tell investors to be careful. “Cardano can produce a new bullish wave in the future and hit as high as the other pairs did last year but when this happens if this happens it will only happen when the Cryptocurrency market enters its next bullish phase,” Alan Santana explained.” What I am trying to say is that the initial rally is over, the recovery year is over and this is just what ADA did, nothing more, while other pairs were stronger and still others weaker.”
The ADA price is currently experiencing a bullish wave, following closely in the steps of Bitcoin, which just cleared $44,000 once again. It is currently trading at $0.52 after rising 10% in the last 24 hours.
ADA price at $0.52 | Source: ADAUSD On Tradingview.com
Featured image from Guarda Wallet, chart from Tradingview.com
