Cardano Entry Of A Lifetime: Analyst Predicts 5,600% Rally To $25
08 Mayo 2024 - 6:00PM
NEWSBTC
Cardano is currently in a downtrend, continuing to show bearish
tendencies as its price trends below $0.5. However, where many have
seen an altcoin that does not have many prospects, crypto analyst
FieryTrading believes that the digital asset is giving investors an
opportunity to get in for cheap. Cardano Can Break Out Of Parallel
Channel In an analysis on the TradingView website, crypto analyst
FieryTrading alludes to Cardano’s ability to break out and go on a
massive bull run. The analysis draws from a previous analysis where
the analyst had pointed out that the Cardano price had entered a
parallel channel. Related Reading: Here’s How This Ethereum Whale
Made $16 Million From A Single Trade This parallel channel emerged
with the last cycle’s top going into the current cycle top with a
line drawn from the last cycle’s bottom when the lockdown had sent
crypto prices crashing. Despite the crypto analyst first pointing
out this parallel channel back in 2023, they believe that it
continues to remain valid, especially as the price continues to
rtend low. Back then, the crypto analyst had predicted that the ADA
price, if it were to break out of this parallel channel, could rise
as high as as $35. This bullish expectation continues with the most
recent analysis, albeit with a price adjustment. In the Wednesday
analysis, FieryTrading notes that There is still the possibility
for the altcoin’s price to reach the top of the channel. In this
case, the price would fully complete the move toward $30. However,
the crypto analyst’s chart carries a $25 target, which would be a
5,600% rally from its current level. Source: TradingView.com ADA
Bears Maintain Control Despite the bullish outlook maintained by
the crypto analyst, Cardano has succumbed to the bears. The price
has dropped as low as $0.44 in the last day, indicating a 1.38%
decline. On a wider timeframe, the ADA price looks even worse, with
an almost 28% drop in one month. Related Reading: Can Ethereum
Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing
However, despite this trend, the analyst still believes that
investing in Cardano right now is a risk worth taking. FieryTrading
refers to it as “the entry of a lifetime” that could guarantee good
returns. Moreover, the analyst gives it a R/R (risk/reward) ratio
of 116, which is a good number. For now, the ADA price is still
struggling to hold up in the market. This is not helped by the
decline in market sentiment, leading to a nasty 22% drop in its
daily trading volume, according to data from Coinmarketcap. ADA
price at $0.43 | Source: Source: ADAUSDT on Tradingview.com
Featured image from Binance Academy, chart from Tradingview.com
Cardano (COIN:ADAUSD)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Cardano (COIN:ADAUSD)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024