Cardano is expected to rebound from its significant price drop and reach a new all-time high, with the upcoming Bitcoin halving potentially triggering this surge. However, another analyst has a negative outlook on Cardano and criticizes Charles Hoskinson, co-founder of the project.
In the past 24 hours, Cardano (ADA) has experienced a 2.9% increase, bringing its weekly gain to 5% and pushing its price to $0.540375. Despite this, it is still down by about 500% from its peak price of $3.1 in September 2021.
To assess the likelihood of Cardano surpassing this long-standing resistance level and experiencing a significant bull run, crypto analyst Crypto Capital Venture has analyzed historical data and conducted technical analysis. He points out that in a previous cycle, Cardano faced doubt when it was trading just below a dollar. However, the asset went on to rally by 2700% and exceed expectations. The analyst believes that a similar trend could occur again, but this time Cardano would need to make a 500% gain to break that level.
The analyst also emphasizes the importance of zooming out on the Bitcoin chart to gain a better understanding of the overall crypto market trend. He notes that the Bitcoin halving has historically had a significant impact on prices and suggests that Bitcoin is currently building momentum for a substantial gain. He also mentions the effect of Bitcoin’s price on altcoins like Cardano and Ethereum, explaining that when Bitcoin rises, other cryptocurrencies tend to follow suit.
Another crypto analyst, Ali Martinez, has confirmed Cardano’s potential surge by identifying a descending triangle formation on its daily chart. Martinez predicts that if Cardano can sustain a daily close above $0.53, it could trigger a 32% increase and drive the price to $0.68. Recent market participation and growing confidence, as indicated by increased Open Interest, support this bullish outlook.
However, not all analysts share this optimism. Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, believes that Cardano is dead. He argues that Cardano lacks a stablecoin and decentralized finance (DeFi), making it less relevant compared to other blockchain networks. Dunleavy also criticizes Charles Hoskinson, calling him a “megalomaniac” who has resisted change and adaptation. He suggests that projects on the Cardano network are seeking alternatives and could eventually lead to its demise. Additionally, Dunleavy points out the network’s lack of venture capital as another weakness.
In conclusion, while some analysts predict a bullish future for Cardano and see potential for it to reach new heights, others have a more pessimistic view, highlighting its shortcomings and questioning its long-term viability.