Altcoin Buzz made a video to discuss whether Cardano could reach $7 in 2025. According to the analyst, many skeptics predict ADA could hover $1.50 to $2.50. He believes that Cardano could surpass $3, aiming for targets of $5, $7, or even as high as $11.
When the video was recorded, Cardano was trading at approximately 40 cents. The analyst posits that given the current market conditions, a 10x increase is feasible, potentially elevating the price to around $4. Should momentum continue, he foresees Cardano reaching between $5 and $7, with possibilities for even higher prices in 2025.
Cardano (ADA) Price Analysis
The analyst employs various charts and Fibonacci retracement levels to analyze Cardano’s price trends and future potential. Key insights from his chart analysis include:
Monthly Time Frame:
The chart indicates a gradual upward movement, with Cardano rising from lows of 22-23 cents to a higher low of 27 cents. The 786 Fibonacci level at 34 cents serves as a support level, demonstrating that while Cardano occasionally dipped below this mark, it has consistently closed above it.
Read Also: Expert Predicts Bullish Q4 Price Surges for FET and ONDO: Here’s His Outlook
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Larger Fibonacci Analysis:
By examining data from Cardano’s low in 2020 to its high in 2021, the analyst notes that the resistance at the 786 level is a critical factor. He believes Cardano may test this resistance multiple times before successfully breaking through, paving the way for a significant rally.
MACD (Moving Average Convergence Divergence): The analyst observes a bullish trend, with the blue MACD line positioned above the orange line. He expects a pronounced price increase as these lines cross above the zero level.
RSI (Relative Strength Index): Currently showing a slight downward trend, the RSI is expected to cross above the 50 level, indicating a stronger upward movement for Cardano.
Moving Average Ribbons: The analyst notes resistance around the 40-cent level from the 20-month and 50-month moving averages, but anticipates a breakout that could propel the price towards 70 cents.
Weekly Chart: The weekly chart reveals Cardano pushing above its 20-week simple moving average, signaling potential for more significant price movements in the near future.
Read Also: Ripple Secures Crucial Dubai Licensing: What Does This Mean For XRP Price?
Cardano’s Risk Metrics and Buying Opportunity
The analyst discusses Cardano’s current low-risk metrics, suggesting it is an opportune time for investment. In contrast to 2021 when Cardano was viewed as a riskier asset, it is now considered a safer bet.
To bolster his prediction of Cardano reaching $7, the analyst compares it to Ethereum’s previous cycle. He notes that Ethereum’s price surged to around $4,500 using a trend-based Fibonacci extension, and applying a similar analysis to Cardano suggests it could reach between $5 and $11, with $7 being a realistic target.
The analyst argues that Cardano remains undervalued relative to other cryptocurrencies like Ethereum and Solana. He cites historical patterns, noting that Cardano has previously demonstrated a slow upward movement before experiencing rapid gains. He expects a similar trajectory this time, especially given its status as a top 10 cryptocurrency by market cap.
Cardano’s Key Levels to Watch
For Cardano to reach $7, the analyst identifies critical levels that must be surpassed:
Break above the 20-month moving average around 40 cents.
Break above the 786 Fibonacci retracement level at approximately 70 cents.
Once these resistances are overcome, he believes Cardano could target $1 by the end of 2024 and $7 by 2025.
The analyst asserts that Cardano’s price rally does not hinge on major news events. Instead, he highlights that technical indicators and macroeconomic conditions are conducive to growth. He also points to various projects and partnerships, including Cardano’s initiatives in Argentina and with NASA, as ongoing developments that keep Cardano in the spotlight.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
Source link
