Analyst says there’s a lot of hate for Cardano but $5 is the next target

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

Like other crypto assets, Cardano has seen significant gains over the past 24 hours, at a time when the Bitcoin price surpassed the $70,000 mark. At the time of writing, ADA was up 4.41%, mirroring the overall market uptrend.

However, on the longer time frames, Cardano is still seeing considerable losses. For context, the 11th-ranked crypto asset is down 5.3% over the past seven days, bringing its monthly loss to 13.45%.

Meanwhile, Cardano analysts and supporters have been heavily criticized for ADA’s poor performance. Analyst Decoder pointed out this situation in his Tuesday analysis, while insisting that the coin will soon surge to $5.

Cardano expected to break out to $5: Analyst

In a tweet today, Decode mentioned that he suffers hostility from the crypto community whenever he posts a bullish Cardano chart. The anonymous analyst 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, noting that 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 is about to begin. The market expert speculated that this wave would take ADA up 1,348% to $5.

Additionally, Decode reiterated his $16 target for ADA upon the completion of the Elliot Band 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 considerable upside for Cardano. For instance, TradingView market forecaster Melika Trader speculates that if Cardano holds support at $0.33, it will rise to the next resistance at $1.8.

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

Notably, Cardano rebounded from the $0.320 support level on October 26 and is trading at $0.3455 at the time of writing. A sustained hold above the support level would prompt an uptick in the price of the 11th-ranked crypto-asset.

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