thecryptobasic.com
Pseudonymous market expert Decode has bemoaned criticisms Cardano analysts face while setting an ambitious short-term target for ADA, and a more audacious long-term one.
Like the other crypto assets, Cardano has appreciated substantially in the past 24 hours amid Bitcoin’s push over the $70,000 price mark. ADA is up 4.41% at the time of writing, mirroring a broader market uptrend.
However, on higher timeframes, Cardano is still nursing substantial deficits. For context, the 11th largest cryptocurrency has dropped 5.3% in the past seven days and 13.45% month-to-month.
Meanwhile, Cardano analysts and proponents have been in the wrong of surging criticisms of the ecosystem due to ADA’s underperformance. Analyst Decoder pointed to this scenario in his Tuesday analysis while maintaining that the coin would surge to $5 soon.
Cardano Set for A Bullish Breakout to $5: Analyst
In a tweet today, Decode cited hostility from the crypto community whenever he posts bullish Cardano charts. The anonymous charter emphasized resilience in the face of the criticisms while setting another bullish target for ADA.
Per the analysis, Decode asserted a surge to $5 as ADA’s “immediate price target.” The analyst drew the attention of his followers to the completion of Elliot sub-waves 1 and 2 on the ADA/USD 1W chart.
He stated that the first and second wave phases were completed in 11 months, and the third wave is almost underway. The market expert speculated that the wave would push ADA by 1,348% to $5.
Furthermore, Decode reiterated his $16 ADA target at the completion of the Elliot wave pattern, which aligns with his earlier speculation in December 2023.
Other Cardano Price Speculations
Notably, the pseudonymous analyst is not the first to predict a considerable upside for Cardano. For instance, TradingView market speculator Melika Trader speculated a surge to the next resistance at $1.8 if Cardano’s support at $0.33 holds.
Meanwhile, Alikze predicted a short-term 59% surge to $0.55 as ADA continues to consolidate in its ascending triangle. However, another analyst noted that Cardano might see lower prices if it fails to hold its $0.33 support, targeting a downtrend to $0.22.
Notably, Cardano bounced from its support at $0.320 on October 26 to trade at $0.3455 at the time of writing. A sustainable trend above the support would catalyze higher prices for the 11th largest cryptocurrency.