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11/13/2023

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Analyst Predicts 8800% Ascent to $35 Cardano (ADA), Here’s When

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...

Analyst Predicts 8800% Ascent to $35 Cardano (ADA), Here’s When

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.

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.

Cardano (ADA) price chart from Tradingview.com

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.

Cardano ADA price chart from Tradingview.com

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!”

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.

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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