Analyst Ray Trader projects Cardano (ADA) to reach $9 upon the completion of a robust Elliott Wave pattern.
Cardano has experienced a significant 51% drop from its yearly top of $0.8104 due to the sustained market decline.
Ray Trader expects the completion of Wave 3 to trigger a 3,190% Cardano pump to $7 by 2025.
Ray Trader, a prominent crypto analyst, has recently shared his projection for Cardano (ADA), forecasting the cryptocurrency to reach $9 upon the completion of a robust Elliott Wave pattern.
In his analysis, the market watcher identified a specific level he believes represents an opportune entry point for investors looking to capitalize on the potential price surge.
Cardano’s Upsurge and Subsequent Drop
In his recent TradingView analysis, Ray Trader highlighted the ongoing downtrend in Cardano’s price, referring to the substantial 51% collapse from its yearly peak of $0.8104 as a “huge dump.” This decline can be primarily attributed to the sustained market downturn, which intensified in late May following Bitcoin’s drop.
However, data from Ray Trader’s chart indicates that his analysis had accounted for the crash. The analyst’s approach leverages the Elliott Wave pattern, a method that examines the natural ebb and flow of market sentiment to predict price movements through identified wave structures.
According to Ray Trader’s analysis, the first wave of the Elliott Wave pattern commenced when Cardano hit a cycle low of $0.2200 in June 2023 and concluded with this year’s peak of $0.8104 in March.
Following the completion of Wave 1, ADA entered the second wave, which resulted in the extensive correction that has dealt a blow to investor sentiment, as evidenced by surprising lows in market metrics.
Last month, Santiment confirmed that Cardano’s Market Value to Realized Value (MVRV) ratio had dropped significantly to -12.6%, suggesting that ADA is currently undervalued and potentially primed for a rebound.
Ray Trader’s recent analysis aligns with this projection, stating that the market is currently at the endpoint of Wave 2, with Wave 3 poised to kick in. The third wave, known for being the most explosive, has the potential to propel Cardano to new heights.
The analyst expects the completion of the third wave to trigger a staggering 3,190% ADA pump, potentially pushing the cryptocurrency to $7 by 2025.
This projection aligns with a previous assertion made by market watcher Jake Gagain in March, who stated that ADA could reach $7.5 in 2025.
However, Ray Trader’s ultimate target extends beyond the $7 price territory. After reaching $7, the analyst anticipates Cardano undergoing a correction during Wave 4, potentially dropping to $4.
Following this correction, Ray Trader predicts a subsequent price pump that could lead Cardano to $9.