- Analysts projects ADA could hit $5, supported by strong development and technical patterns.
- Poodlana’s presale has raised over $7.6M with only hours to the presale end.
- The token is expected to list on Raydium and MEXC immediately after the presale comes to an end.
Cardano (ADA) has faced considerable scepticism in recent weeks, with its price dropping significantly. However, some analysts see a bullish future ahead.
Meanwhile, the new cryptocurrency project Poodlana (POODL), branding itself as “The Hermès of Crypto,” is generating excitement as investors eagerly await the end of its presale and upcoming token listings.
Analysts believe Cardano (ADA) will hit $5 despite current bear pressure
ADA has recently been labelled by some in the crypto community as a “dead coin,” primarily because it has lost over 90% value since hitting an all-time high in 2021.
However, despite the bearish sentiment, Cardano remains one of the top 10 cryptocurrencies by market cap, demonstrating its resilience and underlying value.
Analyst Nick Black from the “Discover Crypto” YouTube channel has presented a more optimistic outlook for ADA, projecting that the coin could reach $5. His analysis is based on several factors, including Cardano’s strong developmental activities and promising technical patterns.
Cardano ranked third among all crypto projects in developmental activity last month, which suggests that its ecosystem is far from stagnant. This vibrant development challenges the notion that Cardano is a “dead coin,” and instead paints a picture of a project still very much alive and evolving.
From a technical analysis perspective, a key pattern known as the “Break a Block” has been identified on ADA’s monthly chart, accompanied by a bullish stochastic crossover. These indicators often precede significant price movements, and the fact that they are emerging now could signal a substantial upward trajectory for Cardano.
Additionally, Cardano’s Market Value to Realized Value (MVRV) Long/Short Difference has fallen to -9.726%. This negative value indicates that most ADA holders are currently at a loss, a condition typically associated with market bottoms.
Coupled with a 31.01% surge in Open Interest, reflecting increased speculative interest, and an RSI of 40.27, which places ADA in oversold territory, the conditions appear ripe…