Cheeky Crypto, a renowned crypto influencer, known for breaking down intricate crypto trends, recently delved into the future potential of Cardano (ADA) in his latest video, titled “$90 Cardano (ADA) Price Too High?”. According to Cheeky Crypto, the ADA market is experiencing its bear phase.
With a meticulous examination of ADA paired up with USDT on a daily chart from Bitget as his data source, Cheeky Crypto identifies a decline in ADA’s price, indicating a potential drop to between 21 to 22 cents in the short term. This concept aligns with his interpretation of Elliott wave theory, which implies that ADA’s current market movement can be broken down into three distinct phases: an initial upward wave (A), followed by a corrective wave (B), and finally, another upward wave (C).
However, he does foresee the bear market diving even deeper, targeting between 15 and 18 cents. Drawing comparisons to July 2020, when ADA faced resistance at around the 15-cent mark, Cheeky Crypto predicts similar patterns in the current bear market scenario.
Having analyzed the bear market, the analyst’s bullish forecast stands out with remarkable optimism. Once again relying on Elliott’s wave theory, he suggested that ADA’s next bullish move, the C wave, may mirror its previous A wave, implying a valuation between $26.62 and $90.06.
However, skeptics question the viability of such a high market cap. Cheeky Crypto addressed this concern by emphasizing the role of supply and demand. He highlighted that market cap is a byproduct of price, not a barrier to price discovery. As ADA’s ecosystem flourishes and total value locked (TVL) escalates, the potential for the currency’s appreciation becomes more tangible.
While the $26 valuation might be ambitious, Cheeky Crypto provided a grounded perspective. He pointed out that ADA could likely react to the 0.618 fib scale, settling between $3.71 and $8.75. Given the consistent growth of TVL and key fundamental analysis factors in ADA’s favor, the currency seems poised for substantial appreciation.
Cheeky Crypto’s in-depth analysis of Cardano’s bear and bull market projections provides a comprehensive perspective on ADA’s future trajectory. Whether or not ADA hits the ambitious $90 mark remains to be seen. Still, with solid fundamentals and growing interest in the Cardano ecosystem, the currency is undeniably on a path of significance in the crypto domain. Cardano (ADA) is changing hands at $0.2474 during this press.
