This current theory puts every bull market in a series of cycles separated into five different waves. During waves 1, 3, and 5, the price of the asset rallies upwards. While waves 2 and 4 come with a price correction. For Cardano (ADA), Pizzino says the asset has completed four waves so far, including waves 2 and 4 which are the market corrections. Now, the fifth wave is imminent, which would lead to a massive price increase.<\/p>\n
Pizzino puts the current downward correction as wave 4 while identifying the biggest wave so far as the price surge from $0.10 to $2.47, which occurred last month, as wave three. Since wave three is usually the biggest, Pizzino puts the fifth wave on par with the first wave, the surge from $0.01 to $0.17. Placing the fifth wave at only a 290% increase.<\/p>\n
Cardano (ADA) Price On The Rise<\/h2>\n
So far, it does not look like Cardano (ADA) has reached the end of this downward correction. But Pizzino points to it as part of the five-wave theory movement. Comparing it to the first wave that saw a 900% increase between April 2020 and July 2021, the analyst says, \u201cI\u2019m excited to see the waves play out similarly.\u201d<\/p>\n
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Pizzino’s prediction would put ADA price close to $10 | Source: ADAUSD on TradingView.com<\/p>\n
Cardano still has a final card to play before the rally can be said to be truly over. The smart contracts testnet is currently live and developers have started building DApps on the network. But the release to the general public is still scheduled for September 12th. If all goes well with the launch, then this might be the event that triggers the fifth wave of Elliott Wave theory.<\/p>\n
\n\u201cWhat do we get if we do an 800% or 900% from the low that was put in in June and July? That would bring us to around our $8 mark. Maybe we hit a 1,000% return from that point. That\u2019s going to bring us up to $10 or $11.\u201d<\/p>\n<\/blockquote>\n