NewsBTC
2 December 2024
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Cardano Expected to Reach $10 in Current Bull Cycle

Bitcoin is currently approaching the $100k mark, prompting analysts to speculate on potential altcoin growth. One prominent token is Cardano (ADA), a proof-of-stake blockchain known for supporting decentralized applications (dApps). An analyst predicts that Cardano could reach $10 during this bull cycle.

Can Cardano Surge To $10?

Lark Davis suggests that if his prediction is accurate, Cardano's price could increase by 800%. He notes that Cardano's recent 213% monthly gain indicates significant growth potential. Currently, Cardano's market cap is nearing that of USDC.

Davis cites robust macroeconomic indicators and ongoing excitement surrounding Cardano's ecosystem as factors supporting its potential rise. He anticipates Cardano reaching $3.16 in the short term, followed by targets of $4.80 and $7.70 based on Fibonacci levels. Ultimately, he foresees a move towards $10.

Cardano’s Market Dominance

Davis reports that Cardano achieved 4% market dominance in the previous cycle. He estimates that its market cap could increase tenfold in the current valuation, potentially reaching around $370 billion. This increase would correlate with the price surpassing $10. Other analysts, including Dan Gambardello, also support the view that Cardano could reach between $5 and $10 after consolidation above the $1 level.

On-Chain Data Suggests A Cardano Surge

On-chain data indicates that ADA is positioned for another price increase. Recent information from CoinMarketCap shows that Cardano's 24-hour trading volume has surpassed that of Binance, signaling heightened interest in the asset.

Featured image from Zipmex, chart from TradingView