Analyst Predicts 8800% Ascent to $35 Cardano (ADA), Here’s When
November 13 2023 - 6:00PM
NEWSBTC
Crypto analyst Fiery Trading has revealed a very bullish outlook
for the Cardano (ADA) price. The digital asset which has been
having a reasonably good run over the last few weeks is expected to
shatter expectations as the analyst puts the price at $35. Crypto
Analyst Predicts 8800% Climb To $35 For ADA Fiery Trading’s latest
Cardano (ADA) prediction right be one of the most bullish for the
digital asset this year. ADA, the native token of the Cardano
network, is currently trading at $0.388 and if the crypto analyst’s
prediction proves true, then it’ll be an 8,800% rise to $35.
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Altcoin Rally The analyst presents the argument that ADA had
already bottomed out last month and this is why the price has been
in an uptrend. They place the bottom for the price downtrend at the
bottom support of the parallel channel which happened right before
the price recovery started. Source: Tradingview.com As the analyst
explains, “The parallel channel is formed by drawing a line between
the two bull-market tops, and copying that exact line towards the
Corona dump’s bottom.” So with this, ADA has confirmed the pattern,
which is very bullish for the digital asset. Fiery Trading explains
that it is this trend that could drive the Cardano price toward the
new all-time high of $35. However, this is not happening soon as
the crypto analyst expects that the next market top for ADA during
the bull market will happen sometime in 2025. Nevertheless, the
analyst expects ADA to follow this pattern and ride it all the way
above $35. ADA bears gains upper hand | Source: ADAUSD on
Tradingview.com Cardano Bullishness Spreads Fiery Trading’s
prediction above $30 is not the first to emerge for the Cardano
price. Another analyst Lucid had also presented a similar argument
that the ADA price could climb above $30. However, where Fiery
Trading used the parallel channel confirmation as a basis for their
analysis, Lucid argued that Cardano had the potential to surge to
$30 if “even Ethereum with all its issues hit $500 billion!”
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Here’s Why Investors seem to agree with this outlook as they have
increased their accumulation over the last month. Notably, Cardano
whales spent over $600 million to buy 1.89 billion ADA in one
month. These large investors also increased the frequency of their
transactions and the fact that the price continued to climb amid
this suggested that they were buying rather than selling. This
growing confidence from investors and the fact that Cardano remains
one of the top networks in terms of developments suggests that it
is primed for an intense breakout. It also means that the digital
asset is well-positioned to do well in the bull run. Follow Best
Owie on X (formerly Twitter) for market insights, updates, and the
occasional funny tweet… Featured image from Coinpedia, chart from
TradingView.com
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