- Cardano’s price continues to trend below $0.5, but crypto analyst FieryTrading sees this as an opportunity for investors.
- The analyst believes Cardano has the potential to break out of its current parallel channel and go on a massive bull run.
- Despite the bearish trend, FieryTrading maintains a bullish outlook, referring to the current situation as “the entry of a lifetime”.
Cardano’s price might be trending downwards, but crypto analyst FieryTrading sees this as an opportunity for investors to get in for cheap. The analyst maintains a bullish outlook, predicting a potential breakout and massive bull run.
Cardano’s Potential Breakout
Crypto analyst FieryTrading, in an analysis on TradingView, alludes to Cardano’s potential to break out and go on a massive bull run. The analyst had previously pointed out that Cardano’s price had entered a parallel channel, which emerged with the last cycle’s top going into the current cycle top. Despite the bearish trend, the analyst believes this parallel channel remains valid and predicts that if Cardano were to break out of this channel, its price could rise as high as $35.
ADA Bears Maintain Control
Despite the bullish outlook, Cardano’s price has succumbed to bearish tendencies, dropping as low as $0.44 in the last day, indicating a 1.38% decline. On a wider timeframe, the ADA price looks even worse, with an almost 28% drop in one month. However, FieryTrading still believes that investing in Cardano right now is a risk worth taking, referring to it as “the entry of a lifetime” that could guarantee good returns. The analyst gives it a R/R (risk/reward) ratio of 116, which is a good number.
Conclusion
While Cardano’s current price trend might be discouraging to some investors, others see it as an opportunity. Crypto analyst FieryTrading maintains a bullish outlook, predicting a potential breakout and massive bull run. Despite the bearish trend, the analyst believes that investing in Cardano right now could yield good returns in the future.
