Cardano price has moved sideways this month even as its top competitors, like Bitcoin and Solana jumped to a record high. Nonetheless, ADA has multiple catalysts that could see it blow past its all-time high and surge to as high as $7. It has an encouraging Elliot Wave formation, potential partnership with Chainlink, and its MVRV indicator.
Elliot Wave Formation Could support Cardano Price Upside
Big Mike, a popular crypto analyst, noted that the long-term view is that the Cardano price will keep surging and possibly reach $7, followed by $22. He used the three-day chart and the Elliot Wave concept to make this prediction.
Mike believes that ADA is now in the third wave, which he expects will continue until it reaches its all-time high of $3. After that, it will move to $1.5 during its fourth wave and then explode higher to $7 in the longer term.
Cardano Elliot Wave
The only caveat of this prediction is that Elliot Wave formations, especially on the weekly or the 3-day chart, will take time. For example, the first wave, which is often short started in May 2023 and ended in April 2024.
Potential Partnership With Chainlink
Another near-term catalyst for Cardano price is the upcoming partnership with Chainlink. In a statement on Saturday, Charles Hoskinson said that he was looking forward to more partnerships for Cardano this year.
He also mentioned that he has a confirmed meeting with Chainlink, the biggest oracle provider, scheduled for this week. Such a collaboration would be a big one Chainlink is a marker leader in industries like DeFi and RWA.
Charles Hoskinson Post
Cardano Price Technical Analysis
Meanwhile, the weekly chart points to more ADA price news once the ongoing consolidation ends. It rose from $0.280 in August last year and peaked at $1.33.
Cardano then dropped and retested key support at $0.81, its highest swing since the first bull run in 2024. This break and retest are positive signs for the coin, as they point to a potential continuation.
A bullish pennant has also formed, which is characterized by a long line and a triangle. Therefore, the most likely outcome is that Cardano’s price will soar, and it may retest its all-time high of $3, which is about 200% above the current level.
Cardano Price Chart
The bullish ADA forecast will become invalid if the coin drops below the key support at $0.81. Such a drop would lead to more downside, potentially to $0.50.
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