Cardano Price Forecasted to Increase 20x: Analyst Compares ADA to Other Top Cryptocurrencies Like Polygon (MATIC)
Analyst Alexander Legolas has addressed the concerns of some investors who believe that Cardano (ADA) is underperforming in the current crypto market cycle.
Legolas argues that the part of the cycle where altcoins typically shine has not yet arrived and that most prominent altcoins are displaying charts similar to ADA’s. He urges investors to pay attention and avoid missing opportunities due to impatience.
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Potential for 20x Returns Based on Historical Performance
Deezy, another prominent analyst, highlights the impressive performance of ADA during the last bull run, where it achieved a 150x return, rising from $0.02 to over $3.00. Based on this historical data, Deezy suggests that a 20x return in the current cycle, from the low of $0.25 to over $5.00, seems reasonable.
Despite the optimism surrounding ADA’s potential, ChartMonkey’s technical analysis reveals that Cardano has repeatedly rejected the 200 Exponential Moving Average (EMA), signaling strong seller dominance in the market. As ADA approaches a key support zone, the analyst suggests that a breakdown is likely.
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Show more +Trade Setup and Strategy
AltFINS provides a detailed trade setup and strategy for ADA based on its current market conditions:
- Price is currently in a downtrend.
- For swing traders, the pullback to $0.35 support and oversold conditions (RSI < 30) could present a potential entry point, albeit a higher-risk trade setup given the overall downtrend.
- Trend traders should wait for the price to break back above the 200-day moving average to signal a resumption of the uptrend.
The platform also identifies an oversold at support pattern, which suggests a high probability of a near-term price bounce when the Relative Strength Index (RSI) hits 30 or less near a support area.
Source: altFINS – Start using it today
Read more: Why Is the Crypto Market Down Today?
AltFINS’ analysis reveals that ADA’s short-term, medium-term, and long-term trends are all strongly down. However, the price is currently oversold based on the RSI-14 levels (RSI < 30), indicating potential for a short-term recovery.
The nearest support zone for ADA is identified at $0.35, while the nearest resistance zones are found at $0.50 and $0.57. These levels will be crucial in determining the future price action of the cryptocurrency.
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