Cardano (ADA) was not exempted from the market’s recent massive flash crash. The asset’s price has dropped below $3 in response to the retreat, crashing to $2 for the first time in nearly three weeks, before recovering to $2.5 at the time of writing.
Following the flash crash, the price of the ADA has followed the same path as the price of BTC. The market as a whole plummeted with the number one crypto coin, which sank to the mid-$40,000 range.
As the bull cycle rally intensified, the digital asset touched many new all-time highs. Although it is currently slowing, it is still much over its previous all-time high, which was established in May of this year.
Analyst Jason Pizzino believes the altcoin still has some hunt in in it, predicting a 380 percent increase before the current bull cycle ends. An increment of this magnitude would push the price of ADA to $7 minimum, securing its position as the third-largest cryptocurrency by market capitalization.
Jason Pizzino, who has over 200K subscribers on YouTube, shared his forecast with his audience. The entire prediction is based on a single hypothesis, the Elliott Wave theory. A hypothesis that forecasts an asset’s future price action by examining extremes in investor psychology that occur in waves. So, basically, this is looking at market investing tendencies.
Every bull market, according to philosophy, is divided into five waves by a series of cycles. The price of the asset rallies upwards throughout waves 1, 3, and 5. Waves 2 and 4 are followed by a price adjustment.
Pizzino claims that Cardano (ADA) has gone through four waves so far, including market corrections waves 2 and 4. Now, the fifth wave is approaching, which will result in a major price hike in the $7-$10 range.
Smart contracts on the Cardano blockchain The testnet is now functional, and developers have begun developing DApps on the network. If everything goes as expected, the public release of smart contracts on September 12th could be the event that sets off Elliott Wave Theory’s fifth wave.
