Renowned market expert Decode, using a pseudonym, has expressed frustration at the criticisms faced by Cardano analysts while also setting an ambitious short-term target for ADA and an even more audacious long-term one.
Similar to other cryptocurrencies, Cardano has experienced a significant increase in value over the past 24 hours as Bitcoin surpassed the $70,000 mark. At the time of writing, ADA has seen a 4.41% increase, reflecting a larger trend of growth in the market.
However, when looking at longer timeframes, Cardano is still dealing with significant losses. For example, the 11th largest cryptocurrency has dropped by 5.3% over the past week and 13.45% over the course of the month.
In the midst of these struggles, analysts and supporters of Cardano have been facing criticism for the ecosystem’s underperformance. Analyst Decoder highlighted this in their analysis on Tuesday, while also maintaining that the coin would soon surge to $5.
In a tweet, Decode acknowledged the hostility from the crypto community whenever they post optimistic Cardano charts. Despite this, the analyst emphasized resilience in the face of criticism while also setting another bullish target for ADA.
According to their analysis, Decode asserted that a surge to $5 is ADA’s “immediate price target.” The analyst 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, and the third wave is almost underway. The market expert speculated that this wave would push ADA up by 1,348% to $5. Additionally, Decode reiterated their $16 ADA target at the completion of the Elliot wave pattern, aligning with their earlier speculation in December 2023.
Other analysts have also made predictions about Cardano’s future price movements. For example, TradingView market speculator Melika Trader speculated a surge to the next resistance at $1.8 if Cardano’s support at $0.33 holds. Meanwhile, Alikze predicted a short-term 59% surge to $0.55 as ADA continues to consolidate in its ascending triangle. However, another analyst noted that Cardano might see lower prices if it fails to hold its $0.33 support, targeting a downtrend to $0.22.
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