- An analyst from Cheeky Crypto predicted that ADA could reach $31 in the long term.
- Despite the bullish long-term outlook, the analyst warned that ADA’s price may drop in the next couple of days.
- At press time, ADA was changing hands at $0.292 following a 24-hour loss of 0.99%.
An analyst from the cryptocurrency YouTube channel, Cheeky Crypto, predicted that the price of Cardano (ADA) could potentially surge to $31 in the long term. Before the altcoin’s price can climb to this ambitious target, the analyst forecasted further negative price movement for the cryptocurrency.
The analyst’s bullish outlook for the Ethereum-killer stems from the fact that the total value locked (TVL) in Dollar (USD) terms for the Cardano ecosystem has grown exponentially this year, according to data from the DeFi analytics platform, DeFi Llama. In the video, he noted that this statistic is impressive given that the total USD locked has increased despite ADA dropping.
At the time the analysis was published, Cardano’s TVL stood at just below 600 million ADA. Subsequently, the analyst forecasted explosive price movement for the altcoin in the coming weeks. Should this drastic price movement take place, he predicted that ADA could climb to $31.
The analyst did admit that this is an ambitious target for the cryptocurrency’s price. Therefore, he shared a more conservative upside target between $3.48 – $10.50 as well. Nevertheless, the analyst warned that ADA’s price may drop more in the coming couple of weeks. The target for this bearish thesis was between $0.151 – $0.1817
Meanwhile, CoinMarketCap indicated that ADA’s price fell 0.99% over the past 24 hours. Consequently, the altcoin was changing hands at $0.292 at press time. This 24-hour loss also pushed ADA’s weekly performance to -6.92%.
Daily chart for ADA/USDT (Source: TradingView)
ADA’s price was resting on the crucial support level at $0.2923 at press time. This was after it dropped below the $0.3066 support level in the last week. During this time, the 9-day EMA line also crossed bearishly below the 20-day EMA line, signaling that ADA had entered into a short-term bearish trend.
Continued sell pressure in the next week could result in ADA testing the next key support level at $0.2771. Furthermore, a break below this price point will put the altcoin’s price at risk of falling all the way down to $0.2521 in the following few days.
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