A popular cryptocurrency analyst, Captain Faibik, predicts that Cardano’s native cryptocurrency, ADA, could see a significant price increase of over 70% in the near future. Recently, ADA has rebounded by about 4% after experiencing a year-to-date decline of over 30%. Captain Faibik notes that ADA has broken out of a falling wedge pattern following a prolonged period of consolidation, setting the stage for a potential surge to around $0.7 per token.
Similarly, another analyst, World of Charts, has observed the same pattern on Cardano’s price chart, indicating that ADA may be poised for a strong bullish rally, potentially reaching the $0.8 mark soon.
Additionally, on-chain analytics firm Santiment has reported an increase in short positions against ADA and XRP on Binance, suggesting a potentially favorable outcome for long-term investors, as liquidated shorts could drive up the prices of these cryptocurrencies.
