by - Cardano could rise to $5, supported by strong development activities and technical patterns.
- ADA’s open interest and network activity have increased significantly, indicating underlying strength.
Cardano [ADA] was one of the worst performers among major cryptocurrencies. Despite this, the asset has managed to maintain its position in the top 10 largest cryptocurrencies by market capitalization.
In the last two weeks, ADA has fallen by 14.6%. Given its Current price developmentThis decline appears to have continued into the last day, with ADA falling 1% to a price of $0.3356 at press time.
An optimistic forecast despite all adversities
Amid these market fluctuations, a narrative of recovery and optimism is emerging. championed by a prominent analyst from the YouTube channel “Discover Crypto”.
Contrary to the prevailing pessimistic sentiment, the analyst predicted an optimistic future for ADA, pointing not only to technical patterns but also to key developments within the Cardano ecosystem.
The discussion about Cardano is characterized by skepticism and in the crypto community the cryptocurrency is hastily described as a “dead coin”.
However, last month, Cardano ranked third in development activity among all crypto projects, indicating a vibrant and active ecosystem that contradicts the gloomy market sentiment.
This high activity can trigger a major rally and potentially push ADA’s price target to $5.
In addition, the analyst outlined a technical pattern called the “Break a Block” pattern on ADA’s monthly chart, which is supported by a bullish stochastic crossover – a sign that is typically interpreted as a harbinger of significant price movements.
This pattern shares similarities with historical patterns seen in the Bitcoin chart that preceded significant uptrends.
Cardano’s fundamental outlook
Cardano’s recent metrics painted a mixed but interesting picture.
ADA’s open interest recorded a increase of 6.67% in the last 24 hours, reaching a valuation of $162.06 million, with open interest volume also increasing sharply.
Source: Coinglass
This indicated growing interest and speculative investment in ADA despite the price issues.
However, there was a decline in whale transactions, from nearly 9,000 transactions on August 5 to 3,590 transactions at press time.
Read Cardano’s [ADA] Price forecast 2024-25
The recommended a dip in large-scale investment movements, providing a nuanced view of investor behavior related to the token.
Source: IntoTheBlock
The juxtaposition of rising development activity and mixed trading numbers showed that immediate challenges remain. Regardless, underlying developments could pave the way for Cardano’s long-term growth.
