Popular crypto analyst and trader Jason Pizzino predicts Cardano could pull off a 290% move before its current bull cycle expires.
In a new strategy session, the technical trader tells his 205,000 YouTube subscribers that he believes Cardano (ADA) has more gas left in the tank.
Pizzino makes the case for ADA’s next leg up using the Elliott Wave theory, which forecasts future price action by looking at crowd psychology that tends to manifest in waves.
The theory suggests that a bull market follows a five-wave cycle where an asset rallies during waves one, three and five while correcting through waves two and four.
According to Pizzino, Cardano has already completed waves one to four and is now in the midst of the fifth and final wave.
“I’m excited to see the waves play out similarly. So this wave is the biggest (surge from $0.10 to $2.47). If you’re looking at Elliott, then wave three is always the biggest wave. Wave one (rally from $0.01 to $0.17) and wave five (current leg) are generally equal, doesn’t have to be but that’s what we can possibly see. To give us some numbers, we’re just going to speculate with some pricing.
This is wave two (pullback from $0.15 to $0.08)… And that’s wave four (correction from $2.47 to $1.00).”
To calculate the height of Cardano’s fifth wave, Pizzino looks at the strength of ADA’s first wave where it rallied around 900% between April 2020 and July 2020.
“What do we get when we if we do an 800% or 900% from the low that was put in in June and July… That would bring us to around our $8 mark… Maybe we hit a 1,000% return from that point. That’s going to bring us up to $10 or $11. So keep that in mind if you’re getting in late or thinking about dollar-cost averaging in from this point. All good runs will come to an end.”
At Cardano’s current value of $2.80, Pizzino’s maximum target of $11 marks an upside potential of over 290%.
IDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Sergey Nivens