Cardano (ADA) is struggling to recover from its recent seven-day losses, leaving the crypto community divided on its future trajectory.
While some analysts are forecasting significant growth, others remain skeptical, pointing to continued bearish trends.
One of TradingView’s analysts, Alan Santana, said: shared a detailed chart outlining Cardano’s journey through the various market phases. According to Santana, Cardano has been in a prolonged bear market, marked by a descending channel indicating a consistent decline in price. This downward trend reflects a bearish market, resulting in lower highs and lower lows.
Following this phase, Santana’s chart shows a period of consolidation where price has stabilized in a narrow range. This consolidation phase is seen as a critical moment, potentially setting the stage for a breakout. The chart then identifies an initial bullish breakout, which Santana calls the “appetizer.”
This breakout suggests a change in sentiment, hinting at the possibility of a larger move higher. However, Santana notes that the market is currently experiencing a minor correction, which is seen as a temporary pause before the projected major bull market. His analysis points to a potential price increase of more than 2,200%, with intermediate targets marking possible resistance levels.
The chart shows that Cardano could potentially rise to $1,0002, representing a 284.58% increase from its current level, and $1,6709, representing a 475.39% increase. These figures represent immediate targets indicating the potential gains the cryptocurrency could achieve as it moves toward a new all-time high by 2025.
Bullish sentiment is divided
In contrast, Arian, a renowned analyst known for identifying potentially high-yielding investments, suggests that Cardano could make significant profits if Bitcoin hits $500,000.
Arjan’s analysis suggests that ADA could reach a staggering $75, a 19,405% increase from its current value. This prediction highlights Arjan’s belief that Cardano could significantly outperform Bitcoin in this scenario, despite Bitcoin needing a much smaller percentage gain to reach its target.
Skepticism about the future of ADA
Despite these optimistic forecasts, some analysts remain unsure about Cardano’s prospects. Joshua Jake, a prominent public figure, recently resumed debate, calling XRP and Cardano “dead” assets.
Jake has been a consistent critic of these tokens, advising investors to diversify their portfolios. His position is echoed by Raoul Pal, CEO of Real Vision, who urges investors to focus on assets with stronger momentum. Pal argues that clinging to underperforming tokens like ADA could lead to missed opportunities in the broader market.
