Cardano CEO Predicts 980% Gain by November

Joao Wedson, CEO of cryptocurrency analysis firm Alphractal, has expressed a cautiously optimistic outlook on Cardano (ADA), one of the leading altcoins in the cryptocurrency market. He noted that the current market levels might indicate a critical "Alpha Price" zone, suggesting a potential short-term correction. However, he believes this decline could present a new buying opportunity within the next few days.

Wedson also highlighted that if Bitcoin surpasses the $119,300 mark, it could initiate a strong uptrend across the market.

Wedson's analysis specifically focuses on Cardano, stating that ADA is currently in a distribution phase. This phase, he argues, could offer a favorable entry point for short-term investors. Looking ahead, Wedson predicts that the real breakout for ADA could occur in the final quarter of the year. He anticipates that by the end of October or the beginning of November, ADA could be trading well above $3. While this surge might disrupt some technical analysis patterns, Wedson points out that on-chain data remains promising.

Addressing buying strategies, Wedson revealed that the average buy price for ADA at Alphractal is $0.2883, which he considers a solid position. This prediction underscores the potential for significant growth in ADA's value, aligning with the broader bullish sentiment in the cryptocurrency market.