Crypto analysts have given mixed opinions on the Future Trajectory of Cardano (ADA). An analyst predicts that the crypto token could enjoy a unprecedented price rise. On the other hand, another analyst has a pessimistic view and predicts that Cardano could see a significant price drop.
Cardano will enjoy a 12,000% rally
On a publish on Tradingview, crypto analyst Fiery Trading raised the possibility of Cardano reaching US$40 and even more. The analyst highlighted a parallel channel and noted that Cardano could top this channel in the next bull runwhich would see the crypto token rise to $40.
Fiery Trading admitted that Cardano’s rise to $40 is not a “likely outcome” but stated that the risk-reward ratio is worth the risk. He added that Current price of Cardano is the “entry of a lifetime” and advised crypto investors not to miss it.
In another publish, Fiery Trading has again hammered Cardano’s current price level as a lifetime entry. He stated that this entry is a “no-brainer” as long as Cardano continues trading within this channel. Meanwhile, the crypto analyst highlighted more conservative price targets, pointing to $25 as another price level Cardano could reach, while mentioning $3 as a target for “more defensive traders.”
ADA may drop to $0.24
Crypto analyst Swallow Premium gave a bearish outlook for ADA. He noted that the crypto token finally broke through the liquidity zone at around $0.40 and is now de-risking to $0.24. The crypto analyst predicted that Cardano could fall to this price level within a week or two.
However, crypto analyst Sebastian suggested that Cardano could not fall below its current price range. He stated that the dump is over and that Cardano and the broader crypto market should recover from its current price level. He noted that the magnitude of the recovery will determine whether or not there will be further downside for ADA.
The crypto analyst further stated that the next move the market should expect is to see higher lows and higher highs. He stated that the next target for Cardano costs $0.40 and that the crypto token needs to rise above it and stay there.
Trend Rider Crypto Analyst also noted that there are “some signs of recovery” on Cardano’s daily chart. He stated that Bitcoin needs to stop bleeding for ADA to recover. Bitcoin’s recent drop below $60,000 has contributed to the significant drops that altcoins like Cardano have experienced.
At the time of writing, Cardano is trading around $0.38, up almost 4% in the last 24 hours, according to data from CoinMarketCap.