Cardano (ADA) has been struggling to recover from its recent seven-day losses, leaving the crypto community divided on its future trajectory.
While some analysts forecast significant gains, others remain skeptical, pointing to ongoing bearish trends.
One analyst on TradingView, Alan Santana, has shared a detailed chart outlining Cardano’s journey through different market phases. According to Santana, Cardano has experienced a prolonged bear market, highlighted by a descending channel indicating consistent price declines. This downward trend reflects a market dominated by bearish sentiment, leading to lower highs and lower lows.
Following this phase, Santana’s chart shows a period of consolidation, where the price stabilized within a tight range. This consolidation phase is seen as a critical juncture, potentially setting the stage for a breakout. The chart then identifies an initial bullish breakout, which Santana refers to as an “appetizer.”
This breakout suggests a shift in sentiment, hinting at the possibility of a more significant upward movement. However, Santana notes that the market is currently undergoing a minor correction, which is viewed as a temporary pause before a projected major bull market. His analysis points to a potential price surge of over 2,200%, with intermediate targets marking possible resistance levels.
The chart suggests that Cardano could potentially increase by $1.0002, reflecting a 284.58% rise from the current level, and by $1.6709, representing a 475.39% increase. These figures represent immediate targets, indicating the potential gains the cryptocurrency might achieve as it progresses toward a new all-time high by 2025.
Bullish Sentiment is Shared
In contrast, Aryan, a well-known analyst famous for identifying potential high-return investments, suggests that Cardano could achieve substantial gains if Bitcoin reaches $500,000.
Aryan’s analysis indicates that ADA could reach a staggering $75, representing a 19,405% increase from its current value. This projection highlights Aryan’s belief that Cardano could significantly outperform Bitcoin in this scenario, despite Bitcoin requiring a much smaller percentage gain to hit its target.
Skepticism Surrounding ADA’s Future
Despite these optimistic forecasts, some analysts remain unconvinced about Cardano’s prospects. Joshua Jake, a prominent community figure, recently reignited debates by labeling both XRP and Cardano as “dead” assets.
Jake has consistently criticized these tokens, advising investors to diversify their portfolios. His stance is supported by Raoul Pal, CEO of Real Vision, who urges investors to focus on assets with stronger momentum. Pal argues that clinging to underperforming tokens like ADA could lead to missed opportunities in the broader market.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
