Fiery Trading, a crypto analyst on TradingView, has shared an optimistic prediction concerning the future price of Cardano (ADA). Despite its recent positive performance, the digital asset is anticipated to surpass expectations, with the analyst setting a target price of $35.
Fiery Trading’s recent ADA forecast stands out as one of the most optimistic ADA predictions this year. Cardano is trading at $0.3762, up 6.18% in 24 hours, and if the analyst’s projection comes true, it would signify an impressive 9,203.5% surge.
From his assessment, the recent upswing in ADA’s price can be traced back to its apparent bottoming out in October. According to the analyst, “the bounce occurred right at the moment where the price touched the bottom support of the parallel channel.”
Cardano hit the lower parallel trendline in October, just before the commencement of the subsequent price recovery, thereby providing a foundation for the uptrend in ADA’s price.
Fiery Trading stated, “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.” The confirmation of this parallel channel pattern is good news for Cardano.
Fiery Trading explains that this trend could push the Cardano price to a new high of $35. However, this won’t happen right away as the analyst predicts the next peak for ADA in the bull market around 2025. Despite the wait, there’s confidence that ADA will follow this pattern and eventually exceed $35.
Can Cardano (ADA) Surpass $30
Fiery Trading’s forecast is not the first one with a target of around $30 for ADA. A fellow analyst, Lucid (LucidCiC), had previously put forth a comparable viewpoint, suggesting that ADA’s price might surpass $30.
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While Fiery Trading grounded their analysis on the confirmation within the parallel channel, Lucid contended that Cardano could reach $30, citing the potential for such a surge by drawing a comparison with Ethereum, even in light of its challenges, achieving a valuation of $500 billion.
Investors seem to agree with this optimistic outlook, as evidenced by an increase in their accumulation activities over the preceding month. The increasing trust from investors and the continued status of Cardano as one of the leading networks in terms of advancements indicate its readiness for a substantial breakout.
This positioning also signifies that the digital asset is poised to thrive during the ongoing bull run.