Crypto analyst Fiery Trading has revealed a very bullish outlook for the Cardano (ADA) price. The digital asset, which has had a pretty good run in recent weeks, is expected to shatter expectations as the analyst puts the price at $35.
Crypto analyst predicts 8800% to rise to $35 for ADA
Fiery Trading’s latest Cardano (ADA) forecast will be one of the most bullish for the digital asset this year. ADA, the native token of the Cardano network, is currently trading at $0.388 and if the crypto analyst’s prediction turns out to be true, it will be up 8,800% to $35.
The analyst makes the argument that the ADA had already bottomed last month and that is why the price is in an uptrend. They place the bottom for the downward price trend at the lower support of the parallel channel that occurred just before the price recovery began.
Source: Tradingview.com
As the analyst explains: “The parallel channel is formed by drawing a line between the two tops of the bull market, and copying that exact line to the bottom of the Corona dump.” With this, ADA has confirmed the pattern, which is very bullish for the digital assets.
Fiery Trading explains that it is this trend that could drive the Cardano price to the new all-time high of $35. However, this won’t happen anytime soon as the crypto analyst expects the next market top for ADA during the bull market to occur sometime in 2025. Nevertheless, the analyst expects ADA to follow this pattern and reach all the way above $35.
ADA bears gains upper hand | Source: ADAUSD on Tradingview.com
Cardano’s bullishness is spreading
Fiery Trading’s prediction above $30 is not the first to emerge for Cardano price. Another analyst Lucid also had one a similar argument that the ADA price could rise above $30. However, where Fiery Trading used the confirmation of the parallel channel as a basis for their analysis, Lucid argued that Cardano had the potential to rise to $30 if “even Ethereum with all its problems reached $500 billion!”
Investors appear to agree with this outlook as they have increased their accumulation over the past month. Notably, Cardano whales spent over $600 million to purchase 1.89 billion ADA in one month. These big investors also increased the frequency of their trades and the fact that the price continued to rise suggested that they were buying rather than selling.
This growing investor confidence and the fact that Cardano remains one of the top networks in terms of developments suggests that it is ready for an intense outbreak. It also means that the digital asset is well positioned to do well in the bull run.