Cardano analyst condemned but price target raised to $5

Anonymous market pundit Decode lamented the criticism Cardano faces from analysts while setting ambitious short-term goals and even bolder long-term targets for ADA.

Like other crypto assets, Cardano has seen significant appreciation in the past 24 hours, fueled by Bitcoin’s move above $70,000 per coin. ADA is up 4.41% year to date, in line with the overall market’s upward trend.

However, Cardano still has significant gaps on longer time frames. To put it into context, the 11th-ranked cryptocurrency is down 5.3% over the past seven days and 13.45% on a monthly basis.

Meanwhile, Cardano analysts and supporters have faced jerky criticism due to ADA’s poor performance. Analyst Decode pointed out this situation in his Tuesday analysis while insisting that the coin will soon surge to $5.

Cardano poised to breakout to $5: Analyst

In a tweet today, Decode mentioned that he receives hostility from the crypto community whenever he posts a bullish Cardano chart. The anonymous individual highlighted resilience in the face of criticism while setting another bullish target for ADA.

Based on the analysis, Decode determined that ADA’s “immediate price target” is $5. The analyst drew the attention of his followers by pointing out that the Elliot sub-waves 1 and 2 on the ADA/USD 1W chart have completed.

He said the first and second waves were completed within 11 months and the third wave has almost begun. Market experts speculate that this wave will take ADA up 1,348% to $5.

Additionally, Decode reiterated his $16 ADA target upon the completion of the Elliot ripple pattern, which is in line with what he speculated in December last year.

Other Cardano Price Predictions

It is worth noting that the anonymous analyst is not the first to predict a sharp rise in Cardano. For instance, TradingView market speculator Melika Trader speculates that if Cardano holds the $0.33 support level, it will rise to the next resistance level of $1.8.

Meanwhile, Alikze predicts that as ADA continues to stabilize within its ascending triangle, a 59% surge to $0.55 will be in the near term. However, another analyst noted that if Cardano fails to hold support at $0.33, it could see lower prices, targeting a drop to $0.22.

Notably, Cardano rebounded from the $0.320 support on October 26 and is currently quoted at $0.3455. For the 11th-ranked cryptocurrency, a sustained uptrend would be a catalyst for higher prices.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may reflect the personal opinions of the author and do not necessarily reflect the opinions of The Crypto Basic. Readers are advised to perform adequate research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.