- Cardano has been predicted to recover its 500% dip to set a new all-time high record, a move that could be triggered by the impact of the Bitcoin halving.
- Another analyst also thinks Cardano is dead, and labels Charles Hopkinson as a “megalomaniac” who is refusing to adapt to change.
Cardano (ADA) has made a 2.9% surge in the last 24 hours, pushing its weekly run to 5% and sending its price to $0.540375. However, it is still about 500% down from its all-time high price of $3.1 recorded in early September 2021.
To assess the possibility of the asset staging a significant bull run to outrun this multi-year resistance level, crypto analyst Crypto Capital Venture has used historical data and technical analysis to contribute to the ongoing debate. According to him, there was a similar situation when ADA hit just below a dollar in its previous cycle. Many users doubted the ability of the asset to reach that milestone again. Interestingly, the asset staged a 2700% rally to surpass the expectation.
The analysts believe that a similar trend could happen again, but this time, ADA would have to make about a 500% run to breach that level.
Bitcoin to Lead Altcoins to a rally
The analysts also stressed the importance of zooming out on the Bitcoin chart to clearly understand the market trend. To him, this could provide a different perspective to understand the entire crypto market. He also pointed out the impact Bitcoin halving has had on the previous prices.
According to him, it usually takes four years to reach the point where the market currently stands, and taking a cue from historical data, Bitcoin is certainly building momentum for a huge gain. One interesting mention in his submission is the impact of Bitcoin price on the altcoins. The upward trajectory of the asset causes all other altcoins like Cardano and Ethereum to rise, coinciding with the popular adage – a rising tide affects all boats.
Ali Martinez Bullish on Cardano, But Tom Dunleavy Thinks the Network is Dead
Cardano’s potential surge has been confirmed by a renowned crypto analyst Ali Martinez, disclosing the formation of a descending triangle on its daily chart. Martinez predicted that a sustained daily close above $0.53 could trigger a 32% surge and drive the price to $0.68. In the past few days, there has been a surge in market participation and growth in confidence as its Open Interest records a surge.
According to Glassnode, there has been a 12.05% increase in Cardano Futures Open Interest, sending the value to $335.35 million. Binance emerged as the principal player in this milestone as ADA Open Interest rose by 11.25% to $86.12 million.
Cardano has over the past couple of years released several upgrades to push its ecosystem to rub shoulders with the industry giants. However, Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital thinks that Cardano is dead. According to him, Cardano would lose its relevance for another chain to take over. His reason is linked to the lack of stablecoin on the network and the non-existence of Decentralized Finance (DeFi).
The analyst also labeled Cardano co-founder Charles Hoskinson as a “megalomaniac” who has refused to change or adapt to the ecosystem. His observation is that projects on the network are seeking a move to other networks, and could push Cardano out of existence in the long run. His other reason is the network’s lack of Venture Capital (VC).
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