Cardano (ADA) has recently encountered various challenges and undergone significant developments. One notable event was a thwarted DDoS attack aimed at disrupting its blockchain operations. Despite this, market analysts like FieryTrading have expressed optimism about ADA’s potential, predicting that it could reach $24 per coin based on long-term chart analysis.
In recent times, Cardano has been bustling with activity. Alongside dealing with the DDoS attack, the project is also preparing for substantial network upgrades, showcasing its continuous evolution. FieryTrading, an analyst on TradingView, has generated buzz with their bullish prediction for ADA. They believe that the coin could soar to an astonishing $24 per coin. Additionally, other market analysts have even higher expectations, anticipating a rally to $40.
FieryTrading’s analysis is based on a weekly timeframe chart, which exudes long-term optimism. They highlight an upward trend channel, represented by parallel lines, indicating a bullish trajectory since mid-2020. This trend forms the basis for their bold target of $24.58 per coin, reflecting an impressive 5852% increase from the current price.
While FieryTrading acknowledges the substantial potential reward, they also recognize the inherent risk. They have set a stop-loss level at $0.2110, indicating a significant potential loss. However, the calculated risk/reward ratio of 116 suggests that, for some traders, the potential rewards outweigh the risks.
Although the chart analysis leans towards a bullish outlook, other technical indicators present a more complex view. The Relative Strength Index (RSI) nearing oversold territory could indicate buying opportunities, but the MACD indicator points to an ongoing bearish trend. As of now, Cardano’s native crypto ADA is trading 2.68% down at $0.3795, with a market cap of $14.5 billion.
In addition to the market analysis, the article also highlights recent developments within the ADA ecosystem. The Cardano ledger team achieved a significant milestone by implementing CIP-0069, which enhances PlutusV3 functionality. They have fixed key bugs, improved wallets, smart contracts, and scaling infrastructures. The team is also preparing for the Chang fork, scheduled to occur in a few days.
Cardano co-founder Charles Hoskinson has praised the development team for securing a sustainable future amidst the growing adoption of Web3 protocols and digital assets. Furthermore, the Sundae v3 protocol reported processing approximately 9,264 orders in the 24 hours leading up to Sunday, indicating a significant increase in adoption.
Overall, Cardano (ADA) has faced challenges, but it continues to evolve and attract attention from market analysts. The project’s recent developments and the bullish sentiment expressed by FieryTrading and others contribute to the ongoing excitement surrounding ADA’s potential.