Cardano To Hit $10? Analyst Thinks It’s Happening This Cycle
As Bitcoin leads the cryptocurrency trend this cycle with its price approaching $100,000, many analysts have made predictions for the top altcoins. One coin widely tipped to surge during this cycle is Cardano (ADA), a popular proof-of-stake blockchain that supports dApps. If one cryptocurrency analyst is to be believed, cardano It could hit $10 during the current bull cycle.
Lark Davis said the coin’s 213% monthly gains have only scratched the surface of its full potential. Cardano has been one of the best-performing digital assets over the past few weeks. Cardano has increased by more than 200% in a month, and its market value is close to USDC. For Davis, he expects this “Ethereum Killer” This cycle will reach an all-time high of $10.
Can Cardano surge to $10?
If Davis’ prediction holds true, Cardano’s price will rise by 800%. The popular cryptocurrency commentator said it is never too late to invest in the asset. Davis’ assertion is based on the observation that Cardano still has room to grow.
Breaking News: Lark Davis Says “#cardanoWith attention and hype, we could see $10.00 $ADA“. pic.twitter.com/oOpCx0DuI6
— Angry Crypto Show (@angrycryptoshow) November 29, 2024
Davis explained that strong macroeconomic indicators support Cardano and that there is still hype about its use cases and ecosystem. He mentioned that attention and favorable market conditions will allow the coin to “run really hard and really fast.”
Davis expects Cardano to continue rising in the short term, with its price hitting $3.16. From this price point, the coin can rise by 332% to reach the 1.618 Fibonacci level at $4.80. He expects more volatility in the price of Cardano, with the coin potentially reaching $7.70 when the Fibonacci level reaches 2.618. Finally, Davis expects Caradno to push the Fibonacci level of 3.618 towards $10 again.
Cardano’s market dominance
According to Davis, Cardano held 4% market dominance in the last cycle. He analyzed that based on current market valuation, the market value of the token may increase 10 times, bringing its valuation to approximately US$370 billion.
A 10x increase in market valuation will be reflected in its price, pushing Cardano above the $10 level. In short, its Fibonacci price level predictions are in line with analysts’ expectations for its market capitalization. Other market analysts echoed Davis’s price assessment of Cardano. For example. Dan Gambardello said the coin could reach $5 to $10 after consolidating above $1.
On-chain data shows Cardano surges
According to on-chain data, ADA is ready for another price increase. Information from CoinMarketCap tells us that the coin’s 24-hour trading volume has surpassed that of Binance. one Market volume surges Indicates increased attention and interest in the asset.
Featured images from Zipmex, charts from TradingView
