- Cardano (ADA) could experience a major price surge above $5, driven by hidden bullish patterns, historical trends, and the upcoming “Chang” hard fork.
- Analysts highlight potential gains of up to 2,200%, with ADA trading at $0.3348 as development activity remains strong.
Cardano (ADA) has been grappling with a challenging market environment since March, with its price facing a sustained downtrend. Despite a brief recovery attempt in mid-July, ADA’s momentum has been weighed down by a broader crypto market slump, led by Bitcoin’s recent dip. Over the last 30 days, the global crypto market cap has shrunk by nearly $500 billion, affecting most major digital assets, including Cardano. However, some experts believe that ADA could be on the verge of a significant comeback.
Bullish Projections Amid Market Slump
Prominent cryptocurrency analyst Javon Marks recently projected a potential rally that could drive ADA prices above $5. In his analysis, Marks highlighted the hidden bullish divergences in ADA’s price action, suggesting that the recent dip could be temporary. According to Marks, ADA’s current price levels point to a possible 732% surge, targeting a shorter-term price of $2.77. If historical trends hold true, ADA could experience gains ranging from 1,400% to 2,200%, pushing prices to as high as $5.30 or even $7.82.
Marks’ predictions are backed by ADA’s ability to maintain stability after breaking through significant resistance levels. He noted that these price behaviors resemble historical patterns that have previously led to substantial gains.
Technical Indicators Show Promise
Another analyst, known as “VanguardCobra” on Tradingview, shares similar optimism. In a recent post, they pointed out that ADA is currently positioned at the bottom of a “megaphone” pattern and within an ascending wedge formation. If ADA breaks out of this structure, supported by a positive MACD divergence, it could see a rise to $1.20 in the near term. However, VanguardCobra also cautioned that ADA might dip further to $0.24 before any substantial rally occurs.
The Impact of the Upcoming “Chang” Hard Fork
Adding to the optimism, the Cardano community is eagerly awaiting the “Chang” hard fork, set to launch in August. With 79% of network nodes, including stake pool operators (SPOs), signaling readiness, the upgrade is expected to enhance decentralization, improve network coordination, and introduce a new governance system along with a 1-billion-ADA treasury.
Cardano’s ongoing development efforts also continue to show strength. The project ranks high on Santiment’s development activity charts, further reflecting its robust innovation.
At the time of writing, ADA is trading at $0.3348, reflecting a 1.51% surge over the past 24 hours, according to CoinMarketCap. With the combination of positive technical indicators, bullish historical trends, and the upcoming hard fork, ADA could be poised for a significant breakout in the coming months.
