Cardano Aims for $10.40 as ‘2020 Blastoff’ Pattern Resurfaces, Analyst Asserts

A technical analyst named Quantum Ascend suggests that Cardano (ADA) may be on a similar trajectory to its performance in 2020, potentially reaching targets of $4.88 to $10.40. He assesses the current market structure and identifies critical price zones to watch as ADA prepares for its bull run.

Key Takeaways

Price Predictions: Analyst Quantum Ascend targets Cardano at around $4.88 to $10.40, with a strong focus on the latter during the upcoming bull run.
Market Structure: The current structure resembles a triangle and indicates a prolonged corrective phase.
Confluence of Indicators: Multiple price measurement tools point to key levels, especially around the $5.50 mark and $10 area.
Comparison Analysis: Quantum Ascend compares Cardano’s potential movement to that of Ethereum Classic, suggesting that similar patterns could lead ADA to the $10 range.
Market Sentiment: Despite bullish views for altcoins, the analyst remains cautious about a long-term "supercycle" in Bitcoin.

Cardano price prediction news

Analysis of Cardano's Price Prediction

Quantum Ascend, a technical analyst active on X, indicates that Cardano (ADA) is experiencing a "2020 blastoff" scenario once more. During a video shared on December 13, he detailed a long-term weekly count suggesting that the market is nearing the end of an extended corrective phase. He describes a “conservative” target area between $4.88 and $5.50, while setting a more ambitious primary target at $10.40.

“Cardano Mirroring 2020 Blastoff Moment,” he stated, outlining the two tiers: “Conservative: $4.88-$5.50” and “Primary: $10.40.”

Cardano price analysis

Quantum Ascend stresses that the framework behind this prediction is not a straightforward five-wave pattern. Instead, he sees it as a complex and slower-moving "macro correction" on a D-wave, suggesting the formation of a triangle on the weekly chart.

“We’re creating a triangle structure,” he explained. “So I am going to be looking for the E-wave as the next move.”

A critical part of his reasoning revolves around confluence—finding price zones where various indicators align. He refers to a previous A-to-B drawdown range, which he believes remains unresolved, particularly noting the $5.50 level. He also discussed how an upper trendline from a C-to-D drawdown converges with the 3.618 Fibonacci extension, lending further justification to the $10 price target.

Moreover, he made a relative performance comparison—not to Ethereum, but to Ethereum Classic.

“I have another video from the past that compares Ethereum Classic to ADA,” he remarked. “If ADA follows a similar path, that positions us near the $10 mark.”

In the near term, he keeps returning to the $5 region as a "safe" target. After analyzing a more recent drawdown from historical highs, he believes a full extension could bring ADA to about $4.88, citing strong evidence around the $5 area.

“For me, I’m going to say my conservative estimate for ADA is going to be that $5 range,” he concluded, directly addressing the potential for ADA to reach around $10 during this bull run.

To illustrate his analysis, Quantum Ascend likens the current price action to prior movements before ADA’s last breakout, making a case for structural similarities.

He also offered a broader macro perspective, suggesting that various corrections across asset classes, including stocks and cryptocurrencies, are nearing their end.

“I honestly believe that these corrections are coming to an end,” he declared. “I think we have a blow-off top approaching.”

However, he clarified that he does not endorse a long-term "supercycle" outlook, stating he is not a long-term bull, and does not anticipate Bitcoin reaching extreme highs of $400,000. His projected bitcoin top currently stands at $155,000, with expectations that altcoins will "severely outperform" in the final stages.

On the math side, Quantum Ascend views the $10.40 target as substantial, yet feasible considering past market behavior.

“If we were to achieve that $10.40, it represents a 25X return," he noted, relating it to past cycles where ADA saw returns of 168X and 75X respectively.

“So we’re just talking about a 25er,” he added. “Not that crazy when you put it into perspective.”

As of now, ADA is trading at $0.4022.

Cardano price chart

This summary of Cardano’s price forecasts and market dynamics offers clarity on potential investment opportunities for newcomers in cryptocurrency.