Cardano price rose by over 1.3% on Friday as traders reacted to the December non-farm payrolls (NFP) data. It was trading at $0.400, much higher than the year-to-date low of $0.3280. Still, one cryptocurrency analyst believes that the coin has more upside to go in the long term, potentially to $10.
Top Crypto Analyst Believes Cardano Price Can Hit $190
Quantum Ascend, a top crypto analyst, believes that the Cardano price can still jump to $10 in the long term. Such a move would see it jump by 2,400% from the current level, which is possible as the token jumped by over 16,000% from its lowest level in 2020 to its highest level in 2021.
The analyst focused on the long-term chart, which shows that the coin has been in an overall bullish trend in the past few years. By using an Elliot Wave analysis, he believes that Cardano completed several phases and is now in phase D. This phase is then followed by phase E, which coincides with the upper side of the ascending channel.
At the same time, the analyst compared the performance between October 2018 and the March 2020 low. As the chart below shows, there is a close resemblance to that performance with what has been going on since at least March 2024. As such, his view is that the patterns are so similar that the token will ultimately rebound.
Caveats to the Bullish ADA Prediction
There are at least three caveats to this view. First, this prediction calls for patient investors who are comfortable holding it for many months or years. For one, as the chart shows, it took Cardano price over four years to move from point C to D. It also took over a year to move from point A to point B.
Second, a move below the lower side of the ascending channel will invalidate the bullish ADA forecast and point to more downside. Such a drop may see it drop to the psychological level at $0.10, which is about 74% below the current level.
Finally, the token will need to flip the important resistance level at $1.3173 from a resistance into a support for the rally to $10 to be confirmed. The other notable resistance will be at the all-time high of $3.17.
Potential Catalysts for Cardano
Cardano has three main catalysts that may push it much higher in the long term. The first one is the upcoming Midnight mainnet launch that will fuel its ecosystem. Midnight’s token has already been a success as the NIGHT token has accumulated over $1.3 billion in market capitalization.
Cardano will also launch the Leios upgrade, which will make it faster than other top layer-1 networks in the crypto industry.
Most importantly, the developers are now working on the Pentad proposal that aims to improve its ecosystem, including by boosting the stablecoin supply and bringing in oracles.