The price of Cardano (ADA) has a highly optimistic prognosis, according to cryptocurrency expert Fiery Trading. The analyst projects that the digital asset, which has been performing rather well over the past several weeks, will surpass expectations at $35.
Crypto Analyst: ADA Will Climb 8800% To $35
One of the more optimistic predictions for Cardano (ADA) this year comes from Fiery Trading. The Cardano network’s native coin, ADA, is now trading at $0.388; if the crypto analyst’s forecast comes to pass, it will climb by 8,800% to $35.
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The analyst makes the case that the price has been rising since ADA had already bottomed out last month. The bottom support of the parallel channel, which occurred just before the market recovery began, is where they locate the bottom of the price downturn.
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“The parallel channel is formed by drawing a line between the two bull-market tops, and copying that exact line towards the bottom of the Corona dump,” the analyst continues. ADA has so validated the pattern, which is extremely positive for the digital asset.
According to Fiery Trading, this pattern has the potential to push the price of Cardano closer to its new all-time high of $35. This is not going to happen anytime soon, though, as the cryptocurrency expert projects that the next bull market peak for ADA would occur in 2025. The expert does, however, anticipate that ADA will stick to its trend and rise beyond $35.
Spreads Cardano Bullishness
The prediction by Fiery Trading that the price of Cardano will rise above $30 is not the first. A other analyst named Lucid had made a comparable claim that the cost of the ADA may surpass $30. However, Lucid contended that Cardano might rise to $30 if “even Ethereum with all its issues hit $500 billion!” Fiery Trading’s estimate was based on the parallel channel confirmation.
Given that they have expanded their accumulation over the past month, investors appear to concur with this perspective. Notably, in just one month, Cardano whales purchased 1.89 billion ADA for more over $600 million.
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The fact that the price was rising in the midst of all of this indicated that the big investors were likely buying rather than selling, and they also increased the frequency of their transactions.
Given that Cardano continues to rank among the top networks in terms of advances and that investor confidence is building, it appears that the network is ready for a significant breakout. It also indicates that the digital asset is in a strong position to benefit from the bull market.
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