thecryptobasic.com
Crypto analyst Nick Valdez at the Discover Crypto channel asserts that Cardano (ADA) is not dead, highlighting the prospect of a possible 1,300% rally.
Valdez expressed this optimistic outlook in a recent analysis, countering a wave of negative narratives claiming that Cardano “is finished.” These critical views have gained traction as ADA’s price action has been underwhelming in recent months despite continued advancements in its blockchain technology.
For instance, Cardano recently hit a fresh low for the year at $0.2799, a sharp decline from its March high of $0.80. This downturn represents a staggering 65% loss for investors who bought in during the peak.
ADA has since recovered slightly, trading at $0.34 at press time. However, its current value still reflects a significant 21% loss for those who purchased the asset just last month.
Cardano Not Dead
Amid these price challenges, there has been considerable hype surrounding Cardano’s imminent hard fork, which will transition governance power to community members. While this development has been perceived as a bullish factor by many holders, ADA’s price has yet to reflect this optimism.
As a result, critics continue to argue that Cardano is dead, though staunch holders, including the blockchain founder Charles Hoskinson, have vehemently opposed this view.
In his analysis, Nick Valdez highlighted several reasons for market participants to remain optimistic about ADA’s future. He pointed to the significant development activity within the Cardano ecosystem, which ranks third among all blockchain projects.
Furthermore, Valdez cited that ADA has formed a bullish chart pattern, known as the breaker block, and is on the verge of a stochastic RSI crossover. The analyst emphasized that these patterns have historically preceded major rallies for ADA.
Cardano to Hit $5
Based on these observations, Valdez theorized that naysayer articles are trying to suppress ADA prices right before a potential parabolic rally. He believes that, despite the bearish sentiment, Cardano has the potential to break a fresh all-time high this season, with the $5 mark within reach.
Accordingly, he urged investors to ignore the noise and focus on the underlying technical and developmental strengths of the Cardano network.
Notably, a $5 price point amounts to a return of 13X on investment for individuals purchasing ADA today. Other analysts have argued that Cardano could even rally up to $10 in this cycle, citing historical trends when ADA surged 30X.