Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
According to the analysts on the Discover Crypto YouTube channel (with 1.4 million subscribers), Cardano might surge to $5. This prediction starkly contrasts with the pessimistic views currently circulating within the broader cryptocurrency community, challenging recent headlines that have questioned ADA\u2019s future viability. Why Cardano Could Hit $5 The analyst first addressed the negative sentiment surrounding Cardano, pointing out a series of bearish headlines from various crypto news outlets. He highlighted the contradiction between the public perception of Cardano as a \u201cdead coin\u201dt and the ongoing vigorous development activities within the Cardano ecosystem. \u201cDespite what the mainstream media is portraying, the development activity on Cardano has been robust, ranking third among all cryptocurrencies,\u201d the analyst asserted. This was further emphasized by recent data showing that developers continue to build and refine the platform, indicating a healthy and active development environment. Related Reading: Cardano Eyes $0.3389: Can Bulls Sustain ADA Above This Critical Level? Focusing on the forthcoming Chang hard fork, the analyst described this event as a pivotal moment for Cardano. \u201cThe Chang hard fork represents the most significant milestone in Cardano’s history,\u201d he noted. He added, \u201cMaybe articles are out there trying to suppress the price right before the price goes parabolic and just rallies to the upside potentially even $5 this cycle.\u201d From a technical analysis standpoint, the analyst introduced the “breaker block pattern,” a less common but noteworthy technical chart pattern often used by traders. The breaker block pattern occurs when a corrective price block is fully retraced after a strong directional market move. This pattern is considered bullish as it typically indicates that after a period of price consolidation or correction, the original bullish trend has regained strength and is likely to continue. “We’re observing a classic breaker block formation in ADA’s chart, which historically precedes significant price rallies,” explained the analyst. Related Reading: Cardano Price Crash Below $0.3: Is It Time For You To Buy ADA? Coupled with this pattern, the analyst pointed to a promising stochastic RSI crossover on the monthly chart\u2014a technical indicator often used to predict changes in momentum. \u201cThe stochastic RSI is about to cross, and this is a very bullish sign historically. When this blue line passes the orange line, it sets up previous rallies, which we can clearly observe if we look back at the charts,\u201d explained the analyst. The discussion also extended to market dynamics, specifically the order book data for ADA, which showed a predominance of buy orders over sell orders. \u201cA glance at the order book reveals a significant inclination towards buying rather than selling, suggesting a strong market consensus leaning towards a bullish trajectory for ADA,\u201d he commented. In conclusion, the analyst urged viewers to look beyond the negative headlines and focus on the substantial foundational improvements and strong technical indicators that support a bullish outlook for Cardano. \u201cIgnore the detractors and the negative press. The data, the developments, and the technical indicators all align to suggest that ADA is poised for a significant upward movement, potentially reaching as high as $5 in this cycle,\u201d he concluded. At press time, ADA traded at $0.3379. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":565252,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,84005,14643,79508,12332,89230,12329],"class_list":["post-635099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-ada-price","tag-adausd","tag-adausdt","tag-cardano","tag-cardano-news","tag-cardano-price"],"acf":[],"yoast_head":"\n
Cardano Is Not 'Dead': Crypto Analyst Predicts Surge To $5<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n