Cardano Set For 1,000% Explosion? Analyst Says ‘Just HODL’

Cardano (ADA) may experience explosive price appreciation in the near future, with some experts projecting more than 1,000% gains, based on recent market movements. The cryptocurrency, which is currently valued at $0.64, may be on the verge of a major breakthrough if current trends continue.

Technical Trends Indicate Hope For ADA

After not following through above a symmetrical triangle on Monday, Cardano has now broken above this significant pattern. Initial reports predicted this breakout would trigger a 25% rise to $0.80 in the short term. The token has lagged behind lately, 50% off its 2023 high of $1.327 and 80% below its all-time high of $3.16.

Crypto analyst Deezy on X called on ADA investors to stay calm in times of present price volatility. His projection is based on a possible 1,000% spike that would bring the price to a record $7.09.

Historical Cycles Back Bullish Prediction

Deezy’s forecast is based on Cardano’s past market cycles. From his analysis, ADA has previously reached its high on an uptrend line that has continued since its market introduction.

This pattern was replicated in January 2018, when the token reached $1.31 again in August 2021 when it attained a record-breaking high of $3.1. If history were to repeat, one can see trendline resistance sitting at about $7.09, granting a 10-fold reward from current prices for Cardano.

Multiple Analysts See Upward Path

Meanwhile, market expert Crypto Patel said that Cardano is still alive and kicking and foresees a massive rally to $5. Patel says the setup for such growth is easy but warns that patience will be required.

His technical insight depicts ADA trading within an ascending channel, and price action like what fueled its rally to the 2021 all-time high. Patel sets a key support at $0.45 and paints an accumulation period between $0.45 and $0.65 before potentially rallying to three targets at $2, $4, and $6.

Near-Term Forecast More Conservative

Long-term prospects are very favorable, yet shorter-term expectations point to modest growth, with current technicals supporting Cardano’s rise by 18% to $0.75 by May 22, 2025.

As per the current evaluation, the market sentiment on ADA is considered neutral at 54 on the Fear & Greed Index. In the last 30 days, Cardano had 15 up days (50% of the time), with price volatility remaining at 7.20%.

These contrasting projections highlight that such speculation is rampant in crypto markets as analysts are reading different signals from the same price charts. While some look forward to record growth, others see it giving them tiny rewards in the near term.

Featured image from Unsplash, chart from TradingView