Renowned analyst Ray Trader is predicting that Cardano will reach the $9 mark after completing a strong Elliott Wave pattern and has identified a level at which he believes entering the market would be advantageous.

In a recent analysis on TradingView, the crypto analyst highlighted the ongoing downtrend and projected that Cardano could potentially reach $9. The recent decline in ADA, which has plummeted by over 51% from its yearly high of $0.8104, can be attributed to the sustained market downturn, particularly exacerbated by Bitcoin's decline in late May.

Ray Trader referred to the significant drop in Cardano's value as a "huge dump." Nevertheless, data from his chart indicates that his analysis took this downturn into account. The analyst's analysis is based on the Elliott Wave pattern, which aims to predict price movements by analyzing the natural fluctuations in market sentiment and identifying wave structures.