Analyst Forecasts 500% Surge for Cardano as ADA Soars to New Heights

Cardano is anticipated to make a remarkable recovery from its 500% dip and achieve a new all-time high, with the Bitcoin halving potentially playing a role in this resurgence. However, not all analysts share this optimistic view, as one criticizes Cardano’s co-founder, Charles Hoskinson, for being resistant to change and labels him a “megalomaniac.”
In the last 24 hours, Cardano (ADA) has experienced a 2.9% surge, bringing its weekly increase to 5% and pushing its price to $0.540375. Despite this positive momentum, it is still significantly lower than its all-time high price of $3.1, which was recorded in early September 2021.
To assess the likelihood of Cardano overcoming this long-standing resistance level and initiating a substantial bull run, crypto analyst Crypto Capital Venture has delved into historical data and conducted technical analysis. The analyst highlights a similar situation in the previous cycle when ADA fell just below one dollar, leading many to doubt its ability to reach that milestone again. However, the asset defied expectations and rallied by 2700% to surpass the target. The analyst suggests that a similar trend could occur now, with ADA needing to make a 500% run to break through that level.
The analysts also emphasize the importance of analyzing the Bitcoin chart to gain a comprehensive understanding of the market trend. By zooming out, one can potentially gain a different perspective and consider the impact of previous Bitcoin halvings on prices. Drawing from historical data, the analyst believes that Bitcoin is currently building momentum for a significant gain, which will likely result in other altcoins, such as Cardano and Ethereum, also rising in value.
Renowned crypto analyst Ali Martinez further supports the notion of Cardano’s potential surge, pointing out the formation of a descending triangle on its daily chart. Martinez predicts that if Cardano can sustain a daily close above $0.53, it could experience a 32% surge and reach a price of $0.68. Recent market participation and increased confidence, as evidenced by a surge in Open Interest, further support this positive outlook.
However, not everyone shares this bullish sentiment. Tom Dunleavy, Partner and CIO at MV Capital, believes that Cardano is dead and will lose its relevance to other chains. Dunleavy cites the network’s lack of stablecoins and absence of Decentralized Finance (DeFi) as reasons for its potential demise. He also criticizes Cardano co-founder Charles Hoskinson, labeling him a “megalomaniac” who has failed to adapt to the changing ecosystem. Dunleavy points out that projects on the network are seeking alternatives, which could ultimately lead to Cardano’s downfall. Additionally, he highlights the network’s lack of Venture Capital (VC) as another weakness.