Analyst Jordan from Trading Bureau forecasts a potential 1,000% rally in Cardano (ADA), with the token targeting its previous all-time high.
He bases this outlook on Cardano’s history of long development periods followed by sharp price increases.
In a recent analysis of top crypto investments for altcoin season, Jordan described ADA’s price action as healthy and highlighted its risk-to-reward potential.
“[Cardano] has been known to develop and develop and develop before giving nice parabolic increases, and we are seeing something similar happening now,” Jordan said.
Cardano Long Development Cycle to Precede a Rally
Jordan noted that ADA is currently trading sideways, a pattern he associates with previous periods before major rallies. The token is also attempting to reclaim a previous liquidity level linked to the week of October 11.
He estimates that ADA could gain around 1,000% if the historical pattern repeats and buying pressure increases. Jordan also identified Fibonacci extension levels as potential upside targets, although he provided no specific timeline for the projected rally.
Why Trading Bureau’s Analyst Is Bullish on Cardano
Meanwhile, Jordan’s bullish outlook extends beyond Cardano’s price chart to its technology, community, and ongoing development. He highlighted several factors supporting ADA’s long-term growth:
- Strong community: Cardano has an established community and a recognizable presence in the crypto market.
- Blockchain development: Its proof-of-stake consensus mechanism and research-driven approach support its smart contract ecosystem.
- DeFi growth: Expanding decentralized finance (DeFi) activity strengthens Cardano’s ecosystem and attracts users and investors.
- Governance: Cardano gives its community a role in shaping the network’s future through its governance framework.
- Activity in Africa: Cardano-backed initiatives aim to improve transparency, security, and access to services across the continent.
Jordan sees Cardano’s established ecosystem, active community, and continued development as key drivers of its long-term growth, reinforcing his bullish outlook.
ADA Supply and Market Position
Jordan also examined Cardano’s market capitalization and token supply. At the time of the analysis, Cardano’s market capitalization stood at nearly $10 billion, with approximately 80% of its maximum supply of 45 billion ADA already in circulation.
He believes Cardano’s established market position and strong community give it an advantage as investors return to altcoins during the next market rally.
Jordan also revealed that he began accumulating ADA at prices between $0.03 and $0.05 and continued buying at different price levels over time. His investment history reflects his long-term confidence in Cardano.
Can Cardano Return to Its All-Time High?
ADA is currently trading at $0.2398, down 5.45% over the past day but still up 8.5% over the past month. The coin’s price has doubled in price from its June low of $0.1378, surging to $0.28 this week before pulling back.
This impressive recovery has fueled bullish commentary that ADA could break through major resistance levels, reclaim $1, and surpass its 2021 all-time high.
Accordingly, Jordan forecasts a gain of around 1,000% if ADA returns to its previous all-time high. Indeed, a rise from $0.24 to its former peak of $3.10 would deliver a gain of approximately 1,192% for current holders.
However, for this rally to materialize, ADA needs to break above key resistance levels and sustain strong buying pressure. Based on these expectations, Jordan has identified Cardano as a promising candidate for the next altcoin season.
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