Cryptocurrency analyst Fiery Trading provided a very quick forecast for the price of Cardano (ADA). This digital asset, which has performed quite well over the past few weeks, is set to crush expectations as the analyst sets the price at $35.
Cryptocurrency Analyst Predicts 8800% Rise to $35 for ADA
Fiery Trading's latest forecast for Cardano (ADA) could be one of the most bullish for the digital asset this year. ADA, the main token of the Cardano network, is currently trading at $0.388, and if the cryptocurrency analyst's forecast comes true, it will be an 8,800% increase to $35.
The analyst presents the argument that ADA already bottomed out last month and that is why the price continues to rise. They argue that the price low is set at the lower boundary of a parallel channel that occurred just before the price recovery began.
As the analyst explains: "A parallel channel is formed by drawing a line between the two tops of a bull market and copying that exact line to the bottom of the coronavirus crash." Thus, ADA has confirmed this pattern, which is a very bullish signal for this digital asset.
Fiery Trading explains that this particular trend could push the Cardano price to a new all-time high of $35. However, this won't happen anytime soon as the analyst expects the next top market for ADA during the bull market to happen sometime in 2025. However, the analyst expects ADA to follow this pattern and rise above $35.
Cardano Bullishness Spreads
Fiery Trading's forecast above $30 is not the first to appear for the Cardano price. Another Lucid analyst also presented a similar argument that the price of ADA could rise above $30. However, where Fiery Trading used parallel channel confirmation as the basis for its analysis, Lucid argued that Cardano has the potential to grow to $30 if “even Ethereum with all its problems reaches $500 billion!”
Investors seem to agree with this forecast as they have increased their holdings over the past month. It is noticeable that Cardano whales spent over $600 million buying 1.89 billion ADA in a month. These large investors also increased the frequency of their transactions, and the fact that the price continued to rise suggests that they were buying rather than selling.
Growing investor confidence and the fact that Cardano remains one of the leading development networks confirms its readiness for intense disruption. This also means that the digital asset is well positioned to perform well in a bull market. 🚀
