A crypto analyst on TradingView has shared a bullish prediction for Cardano (ADA) based on a parallel channel pattern. The analyst expects ADA to reach $35 by 2025, a massive increase from its current price.
Cardano (ADA), one of the most popular and innovative blockchain platforms, could see a huge surge in its price in the next few years, according to a crypto analyst on TradingView.
The analyst, who goes by the name of Fiery Trading, has set a target price of $35 for ADA, which would represent a staggering 9,203.5% increase from its current price of $0.3762.
Parallel channel pattern
Fiery Trading’s optimistic forecast is based on a technical analysis of ADA’s price movement within a parallel channel.
A parallel channel is a chart pattern that shows the price action between two parallel trendlines, one acting as support and the other as resistance.
According to the analyst, ADA has been trading within a parallel channel since its inception in 2017. The parallel channel is formed by drawing a line between the two bull-market tops and copying that exact line towards the Corona dump’s bottom.
Fiery claims that this pattern has been confirmed by the recent bounce of ADA’s price from the bottom support of the parallel channel in October.
The analyst explains that this bounce was a sign of a reversal from the downtrend that started in May when ADA reached its all-time high of $2.46.
The analyst expects ADA to continue its uptrend and eventually break out of the parallel channel, reaching a new high of $35.
Long-term projection
However, Fiery Trading warns that this bullish scenario will not happen overnight. The analyst predicts that the next peak for ADA in the bull market will occur around 2025, based on the historical cycles of the crypto market.
The analyst also acknowledges that there will be corrections and fluctuations along the way but advises investors to hold on to their ADA for the long term.
Fiery Trading is not the only analyst who has a high target for ADA.
Another analyst, Lucid (LucidCiC), had previously suggested that ADA could surpass $30, based on a comparison with Ethereum, which achieved a valuation of $500 billion despite its challenges.
Investor confidence and network development
The crypto community and investors seem to agree with these bullish predictions, as evidenced by the increasing demand and accumulation of ADA in the past month.
ADA is currently the fifth-largest cryptocurrency by market capitalization, with a value of over $48 billion.
The investor confidence in ADA is also supported by the continuous development and innovation of the Cardano network, which aims to provide a more scalable, secure, and sustainable platform for decentralized applications.
Cardano has recently launched its smart contract functionality, enabling a new wave of use cases and opportunities for its ecosystem.
The coin is also known for its strong social and environmental impact, as it strives to empower people and communities around the world with its technology.
Cardano has partnered with various organizations and governments to provide solutions for education, identity, healthcare, and governance.
With these factors in mind, Cardano seems to be well-positioned to thrive in the current and future crypto market and potentially reach the ambitious price targets set by the analysts.
