Decode, a market expert known for his pseudonymous identity, has expressed frustration over the criticisms faced by Cardano analysts while sharing an ambitious short-term target for ADA, along with an even more audacious long-term one.
Similar to other cryptocurrency assets, Cardano has experienced a significant increase in value over the past 24 hours as Bitcoin surged past the $70,000 mark. At the time of writing, ADA has seen a 4.41% increase, reflecting a broader uptrend in the market.
Despite this recent surge, Cardano is still dealing with significant losses over longer timeframes. To illustrate, the 11th largest cryptocurrency has dropped 5.3% in the past seven days and 13.45% over the past month.
Meanwhile, analysts and supporters of Cardano have been facing backlash due to the underperformance of ADA, a situation that Decode highlighted in his analysis on Tuesday. Despite this, he maintains that the coin will soon reach $5.
In a recent tweet, Decode mentioned facing hostility from the crypto community whenever he shares bullish Cardano charts. Despite this, he emphasized resilience in the face of criticism while setting another bullish target for ADA.
According to Decode’s analysis, he predicts a surge to $5 as ADA’s “immediate price target.” He drew attention to the completion of Elliot sub-waves 1 and 2 on the ADA/USD 1W chart, stating that the first and second wave phases were completed in 11 months, with the third wave almost underway. This speculation led him to predict a 1,348% surge to $5.
Additionally, Decode reiterated his $16 ADA target upon the completion of the Elliot wave pattern, which aligns with his previous speculation in December 2023.
It’s worth noting that Decode is not the only one predicting a considerable upside for Cardano. Other analysts have also shared their speculations, with some predicting a surge to the next resistance at $1.8 if Cardano’s support at $0.33 holds, while others foresee a short-term 59% surge to $0.55 as ADA continues to consolidate in its ascending triangle.
It is important to mention that Cardano bounced from its support at $0.320 on October 26 to trade at $0.3455 at the time of writing. A sustainable trend above the support could lead to higher prices for the 11th largest cryptocurrency.
It is important to emphasize that this content is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to conduct thorough research before making any investment decisions, as The Crypto Basic is not responsible for any financial losses.