Crypto analyst Fiery Trading has a very bullish outlook for Cardano (ADA) price. The digital asset, which has performed reasonably well over the past few weeks, is expected to shatter expectations as analysts suggest a price of $35.
Crypto analysts predict an 8800% rise for ADA, reaching $35.
Fiery Trading’s latest Cardano (ADA) forecast is one of the most optimistic predictions for the digital asset this year. ADA, the native token of the Cardano network, is currently trading at $0.388 and would rise 8,800% to $35 if crypto analysts’ predictions prove true.
Analysts suggest that ADA has already bottomed out last month and this suggests that the price is trending upward. They place the bottom of a downward price trend at the lower support point of the parallel channel that occurred just before the price recovery began.
Source: Tradingview.com
As the analyst explains, “A parallel channel is formed by drawing a line between the highs of two bull markets and copying that exact line to the bottom of the corona dump.” Through this, the ADA has identified a very bullish pattern for digital assets.
Fiery Trading explains that it is this trend that could push the price of Cardano to an all-time high of $35. However, this won’t happen anytime soon, as cryptocurrency analysts predict that ADA’s next market high during a bull market will occur sometime in 2025. Nonetheless, the analyst expects ADA to follow this pattern and rise above $35.
ADA bears gains upper hand | Source: ADAUSD on Tradingview.com
Cardano’s strength spreads
Fiery Trading’s prediction above $30 is not the first to appear for the Cardano price. Another analyst, Lucid, also made a similar argument that the price of ADA could rise above $30. However, when Fiery Trading used parallel channel confirmation as the basis for its analysis, Lucid argued that Cardano would likely surge to $30 “if Ethereum with all its problems reaches $500 billion.”
Investors appear to agree with this outlook, as they increased their accumulated assets last month. In particular, Cardano Whale spent over $600 million purchasing 1.89 billion ADA in one month. These large investors have also increased their trading frequency, and the fact that prices continue to rise suggests that they are buying rather than selling.
This growing confidence from investors and the fact that Cardano remains one of the best networks in terms of development suggests that it is poised for an intense breakout. This also means that digital assets are well-positioned to perform well in a bull market.