A cryptocurrency analyst on the Discover Crypto YouTube channel has predicted a bright future for Cardano (ADA), contrasting the views of many crypto users. In a recently uploaded video, the analyst highlighted ongoing developments in the Cardano ecosystem alongside technical patterns in the crypto’s price chart to predict an upcoming rally for ADA.
Before presenting his analysis, the Discover Crypto host noted negative publicity across the crypto media, suggesting a bleak future for Cardano. He cited publications questioning the project’s development, indirectly suggesting the once-vibrant crypto token may have fallen beyond recognition, with some listing it among the dead coins of 2024.
However, the analyst quickly debunked the dead coin narrative for Cardano, emphasizing ongoing developments within the project’s ecosystem. He pointed out that Cardano recorded significant network activity from developers working on the project in the last 30 days. He revealed that Cardano claimed the third spot among the projects with the highest developmental activities in the past 30 days.
Meanwhile, the Discover Crypto analyst believes people are becoming excited about the upgrades coming to Cardano, and the negative publicity represents a deliberate attempt by competitors to suppress the achievement’s impact. He predicted that ongoing developments would trigger a significant rally that could push ADA’s price to $5 in the current cycle.
The analyst thinks Cardano has formed one of the most bullish patterns in technical analysis. He presented a chart showing what he described as the “Break a Block” pattern, supported by a developing bullish stochastic crossover on Cardano’s monthly chart. The analyst compared his identified pattern to a historical Bitcoin chart, where a similar formation resulted in a bullish run.
Cardano traded for $0.342 at the time of writing, reflecting a 4.92% gain since trading opened today, according to data from TradingView.