Cardano Eyes $1.20, Per Analyst: Can ADA Beat Ethereum?

Jaxon Gaines
cardano ada
Source: Altify

Cardano (ADA) has registered substantial price dips in the last 24 hours, but still remains a bullish pick amongst crypto investors. According to crypto analyst Nick from Cheeky crypto, ADA is gearing up for a fifth-wave move, eyeing targets up to $1.21 if support near $0.78 holds. At press time, the altcoin is trading at $0.82.

In regard to ADA’s recent dip back below $0.90, Nick calls it a “typical retracement,” and he’s not seeing signs of a breakdown just yet. According to the analyst, ADA has been following a clean five-wave pattern, and this recent drop looks like the fourth wave pullback. If that’s the case, the fifth wave could be up next—assuming ADA doesn’t break below $0.73. That level’s key. He also noted the fair value gap around $0.78–$0.79 as an important support zone.

Looking at the price dips, while many altcoins have registered big price corrections, Bitcoin (BTC) is down by less than 1% in the daily and weekly charts. Investors may be realocating their capital, pivoting away from altcoins and memecoins, such as Dogecoin (DOGE) and Cardano (ADA). The crypto market bearishness may have also been triggered by the European Monetary Policy Statement and the European Central Bank’s press conference. Thus, ADA could see a further decline in the coming days before things get better.

Also Read: Experts Say Cardano (ADA) May Soon Hit $5—Here’s How

Despite the dip, ADA has the attention of several crypto experts, not just Nick. The Cardano ecosystem is steadily working on expanding its operations. The blockchain is one of the most energy-efficient chains at present, using 50,000x less energy than most of the blockchains out in the world. With such bullish developments in sight, experts like Alex Becker have shared how ADA can easily claim $5 this season if the crypto market continues to rise in the coming months. “If Ethereum goes up to $4,500 or $5,000, we’re going to see #Cardano $ADA go to $5.00 or $6.00,” Becker writes.

If the crypto market forces align and help the token in stabilizing enough through consistent adoption, then the token may end up breaching $1.20 and reaching $5 sooner rather than later.