Cardano Set to Soar: Analyst Predicts

Analyst Cheeky Crypto predict Cardano (ADA) is about to explode based on its current trajectory. 

According to the analyst, Cardano founder Charles Hoskinson hinted at a potential partnership with tech mogul Elon Musk, who is deeply associated with Dogecoin (DOGE) and sparking widespread excitement within the Cardano community. He states that this collaboration could revolutionize blockchain technology and enhance Cardano’s visibility significantly. Amid these discussions, rumours have surfaced suggesting Elon Musk may control up to 20% of Dogecoin’s supply, a detail that raises intriguing possibilities for Cardano’s market dynamics if Musk shifts his focus.

The analyst states that Cardano is currently a hot topic on social media, attracting a growing number of investors intrigued by its potential. His technical outlook for Cardano is also positive, with expectations of a short- to medium-term price recovery. His technical analysis further indicates that for the uptrend to confirm, Cardano’s price must close above critical resistances, including the 50 Simple Moving Average (SMA), 50 Exponential Moving Average (EMA), and 200 Day Moving Average (DMA). Such bullish movements would solidify the foundation for a significant upward trajectory in Cardano’s market value.

Despite recent market corrections and low trading volumes, the analyst maintains a hopeful outlook for Cardana’s price, suggesting an imminent reversal. Key resistances still loom large on the horizon, necessitating a cautious approach to trading until these levels are convincingly surpassed. The analyst compares the current situation to past price actions that preceded major rallies, proposing potential conservative price targets between $5.34 and $12.71. He states that a successful partnership with Elon Musk could propel prices towards a staggering $38. This comes as other analysts predict ADA will soon explode while others predict while others predicted it is yet to set a low.

Cardano Price Review: How is ADA Doing Today?

Looking at an in-depth analysis, we see that the price of ADA is currently trading below the Ichimoku Cloud, which is generally considered a bearish signal. This suggests that the market is in a downtrend. The cloud ahead of the price is red and appears to be expanding, which typically indicates a strengthening of the bearish trend. The conversion line (blue) is below the baseline (red), reinforcing the bearish sentiment.

2-hour ADA/USD Chart | Source: TradingView

On the other hand, the Woodies CCI is consistently below -100, a strong bearish signal indicating that the price is well below its average over the observed period. This suggests sustained selling pressure.