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The Cardano price action is back on analysts’ radar, with new bold predictions pointing to a potential rally of more than 300% to a $4 all-time high. Despite struggling to keep pace with other altcoins during this bull cycle, ADA is now sparking renewed discussions across the crypto community as experts weigh in on this latest price forecast.
Cardano Price Set To Hit $4 By Year’s End
Mintern, Chief Meme Officer (CMO) at Minswap DEX, recently took to X to share a bullish outlook, predicting that Cardano could climb nearly 400% from its current price of under $1 to $4 by year’s end. According to the analyst‘s chart, ADA is forming a strong technical setup that could pave the way for a major breakout.
A detailed Elliott Wave structure reveals a series of corrective and impulsive waves, suggesting that Cardano may be in the midst of a potential wave extension toward the $4 price point. The Fibonacci Extension levels on the chart also show targets ranging from $1.47 to $4.14, with the upper range representing the 200% retracement level.
Notably, Mintern’s bullish forecast comes when Cardano’s price is still trading sideways around $ 0.80, leaving many within the crypto space skeptical of a $4 target. Several crypto members argued that ADA has failed to deliver strong gains in this bull market despite other altcoins rallying to new ATHs. One critic even dismissed the cryptocurrency as a “waste,” pointing to its seven-year history of developments and updates without the price performance and appropriate network achievements to match.
On the other hand, some community members see Mintern’s ambitious $4 price prediction as a turning point. Optimistic traders are also hoping for at least a move to $1 in the short term, while a few envision a potential rally beyond $4 should market conditions improve and become increasingly bullish. For now, ADA’s path to $4 remains a polarizing topic, with technical indicators suggesting a possibility but market sentiment keeping expectations in check.
ADA Interest Rises To 2021 Levels
Another crypto expert, known as ‘The DApp Analyst’, has outlined a fresh bullish narrative for Cardano, pointing to a key historical signal. Using Google Trends data, he revealed that search interest in ADA is currently at the same level as in January 2021. Back then, the altcoin embarked on a massive 1,500% rally, pushing its price from under $0.2 to over $3 within just a few months.
The resurgence of interest at this historical level is particularly significant, as it aligns with broader macroeconomic shifts. According to the DApp Analyst, Bitcoin Dominance (BTC.D) is starting to decline, the US dollar index (DXY) is weakening, and interest rates are projected to ease as quantitative tightening could conclude by year-end. With these factors in play, the analyst predicts that Cardano could be on the verge of its strongest run since 2021.
Featured image from Unsplash, chart from TradingView
