Cardano Is Not Dead: Top Analyst Predicts 1,000% Rally to $7

Cardano could be up for a scintillating rally, as recent analysis suggests the asset could rally over 1,000% to unprecedented prices.

Although Cardano failed to close above a recent symmetrical triangle on Monday, its push above $0.634 today has seen it trend back above the structure again. Notably, an earlier report suggested that ADA could rally over 27% to $0.801 if the breakout holds.

Interestingly, a new analysis has predicted that the layer one token could post more upside. Specifically, prominent crypto commentator Jad Mubaslat, known as Deezy on X, predicted an over 1,000% upsurge to around the $7 mark.

Cardano Ready to Rally?

In his April 21 X post, Mubsalat urged Cardano holders to remain patient and HODL amid the recent price uncertainties. For context, ADA is down 52% from last year’s high of $1.327 and 80% from its all-time high of $3.160.

According to him, Cardano is on pace for a nearly 10x rally to uncharted territory. Notably, an accompanying chart shows that ADA’s possible rally stems from its historical price action in the last two cycles.

For perspective, the asset has peaked at an ascending trendline in the last two cycles, which has persisted since its market debut. The trendline provides a precedent to determine its price top.

For context, in each bull market rally, Cardano usually hits its market top when it rallies to retest this ascending trendline. This occurred in January 2018 when ADA hit the then-peak of $1.31 along the trendline.

In addition, the asset retested the trendline again in August 2021, when it soared to the 2021 ATH of $3.1. Citing this historical context, Mubsalat has tipped Cardano to replicate the previous run, predicting a visit to the supply line soon.

Notably, if ADA replicates the feat, the chart shows it would surge 1,071% to a new all-time high of $7.09. Interestingly, this aligns with a prediction from prominent analyst Tim Warren, who highlighted two factors that could push the token to the price mark.

Cardano Is Not Dead: Analyst

Furthermore, analyst Crypto Patel has insisted that Cardano is not dead. He suggested that the 10th largest cryptocurrency by market cap is loading up for a 688% rally to $5, another new high for the token.

Meanwhile, Patel stressed that the setup for this rally is straightforward, highlighting the importance of patience for its fruition. An accompanying chart shows that ADA trades in an ascending channel, with a similar price action propelling its rally to the 2021 all-time high.

The analyst confirmed that Cardano boasts its major support at $0.45, highlighting an accumulation phase between $0.45 and $0.65, before a rally to three targets. Per the analysis, the targets are $2, $4, and $6.