Analysts Battle Over Cardano’s Next Move: 12,000% Rally Or 50% Crash?
June 25 2024 - 7:00AM
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Crypto analysts have given varying opinions on the Cardano (ADA)
future trajectory. One analyst predicts that the crypto token could
enjoy an unprecedented price rally. On the other hand, another
analyst holds a bearish view and predicts that Cardano could
experience a significant price crash. Cardano To Enjoy A
12,000% Rally In a post on Tradingview, crypto analyst Fiery
Trading raised the possibility of Cardano rising to as high as $40
and even higher. The analyst highlighted a parallel channel and
noted that Cardano could reach the top of this channel in the
coming bull run, which would cause the crypto token to rise to
$40. Related Reading: SkyBridge Capital’s Scaramucci Says
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Fiery Trading admitted that Cardano rising to $40 is not a “likely
outcome” but claimed that the risk-reward ratio is worth the risk.
He added that Cardano’s current price is the “entry of a lifetime”
and advised crypto investors not to miss out on it. In
another post, Fiery Trading again hammered on Cardano’s current
price level as an entry of a lifetime. He claimed that this entry
is a “no-brainer” as long as Cardano keeps trading within that
channel. Meanwhile, the crypto analyst highlighted more
conservative price targets, pointing out $25 as another price level
Cardano could reach, while he mentioned $3 as a target for “more
defensive traders.” ADA Could Drop To As Low As $0.24 Crypto
analyst Swallow Premium gave a bearish outlook for ADA. He noted
that the crypto token has finally broken the liquidity zone at
around $0.40 and now risks dropping to as low as $0.24. The crypto
analyst predicted that Cardano could drop to that price level
within a week or two. However, crypto analyst Sebastian
suggested that Cardano might not drop below its current price
range. He stated that the dump was over and that Cardano and the
broader crypto market should enjoy a bounce from their current
price level. He noted that the magnitude of the bounce will
determine whether or not there may be more downside for ADA.
The crypto analyst further stated that the next move the market
should look forward to is seeing higher lows and higher highs. He
claimed that the next target for Cardano is $0.40 and that the
crypto token needs to rise above it and stay there. Related
Reading: Shiba Inu Enters Accumulation Zone Amid 493% In Shibarium
Transaction Fees Crypto analyst Trend Rider also noted that there
are “quite a few bounce signals” on Cardano’s daily chart. He
stated that Bitcoin needs to stop bleeding for ADA to recover.
Bitcoin’s recent drop below $60,000 contributed to the significant
declines that altcoins like Cardano experienced. At the time
of writing, Cardano is trading at around $0.38, up almost 4% in the
last 24 hours according to data from CoinMarketCap. Featured
image created with Dall.E, chart from Tradingview.com
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