Cardano Is Not ‘Dead’: Crypto Analyst Predicts Surge To $5
August 13 2024 - 7:00AM
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According to the analysts on the Discover Crypto YouTube channel
(with 1.4 million subscribers), Cardano might surge to $5. This
prediction starkly contrasts with the pessimistic views currently
circulating within the broader cryptocurrency community,
challenging recent headlines that have questioned ADA’s future
viability. Why Cardano Could Hit $5 The analyst first addressed the
negative sentiment surrounding Cardano, pointing out a series of
bearish headlines from various crypto news outlets. He highlighted
the contradiction between the public perception of Cardano as a
“dead coin”t and the ongoing vigorous development activities within
the Cardano ecosystem. “Despite what the mainstream media is
portraying, the development activity on Cardano has been robust,
ranking third among all cryptocurrencies,” the analyst asserted.
This was further emphasized by recent data showing that developers
continue to build and refine the platform, indicating a healthy and
active development environment. Related Reading: Cardano Eyes
$0.3389: Can Bulls Sustain ADA Above This Critical Level? Focusing
on the forthcoming Chang hard fork, the analyst described this
event as a pivotal moment for Cardano. “The Chang hard fork
represents the most significant milestone in Cardano’s history,” he
noted. He added, “Maybe articles are out there trying to suppress
the price right before the price goes parabolic and just rallies to
the upside potentially even $5 this cycle.” From a technical
analysis standpoint, the analyst introduced the “breaker block
pattern,” a less common but noteworthy technical chart pattern
often used by traders. The breaker block pattern occurs when a
corrective price block is fully retraced after a strong directional
market move. This pattern is considered bullish as it typically
indicates that after a period of price consolidation or correction,
the original bullish trend has regained strength and is likely to
continue. “We’re observing a classic breaker block formation in
ADA’s chart, which historically precedes significant price
rallies,” explained the analyst. Related Reading: Cardano Price
Crash Below $0.3: Is It Time For You To Buy ADA? Coupled with this
pattern, the analyst pointed to a promising stochastic RSI
crossover on the monthly chart—a technical indicator often used to
predict changes in momentum. “The stochastic RSI is about to cross,
and this is a very bullish sign historically. When this blue line
passes the orange line, it sets up previous rallies, which we can
clearly observe if we look back at the charts,” explained the
analyst. The discussion also extended to market dynamics,
specifically the order book data for ADA, which showed a
predominance of buy orders over sell orders. “A glance at the order
book reveals a significant inclination towards buying rather than
selling, suggesting a strong market consensus leaning towards a
bullish trajectory for ADA,” he commented. In conclusion, the
analyst urged viewers to look beyond the negative headlines and
focus on the substantial foundational improvements and strong
technical indicators that support a bullish outlook for Cardano.
“Ignore the detractors and the negative press. The data, the
developments, and the technical indicators all align to suggest
that ADA is poised for a significant upward movement, potentially
reaching as high as $5 in this cycle,” he concluded. At press time,
ADA traded at $0.3379. Featured image from Shutterstock, chart from
TradingView.com
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