Cardano Could Experience a Significant Upside Move, Says Analyst
A popular crypto analyst, Guy Turner from Coin Bureau, believes that Cardano (ADA), a smart contract platform and Ethereum competitor, may be preparing for a major upward move. In a recent video update, Turner suggests that ADA could potentially increase in value by more than 74%.
Bullish Pattern and Demand Metric
Turner points to ADA’s weekly chart, which indicates the formation of a bull flag pattern. If this pattern plays out as expected, ADA could rally up to $1, representing a significant resistance level. Additionally, the analyst highlights the bullish signal from Cardano’s total value locked on its decentralized finance (DeFi) protocols as a demand metric.
Sell Pressure Concerns
However, Turner warns about short-term bearish sell pressure due to the large number of ADA tokens held by three main entities involved in the Cardano project: Emurgo, Input Output Global (IOG), and the Cardano Foundation. These entities appear to sell ADA for financing purposes, which could create downward pressure on the token’s price.
Current Trading Status
As of now, ADA is trading at $0.57, with a 2% increase in the last 24 hours.
Hot Take: Cardano Primed for Growth with Potential Hurdles
Cardano shows promising signs of a bullish breakout, with the potential to surge by over 70%. The formation of a bull flag pattern on its weekly chart and positive demand metrics from its DeFi protocols contribute to this optimistic outlook. However, concerns arise regarding short-term bearish sell pressure caused by major entities selling ADA tokens for financing purposes. Despite these hurdles, Cardano’s long-term prospects remain bullish.
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