As Bitcoin leads the cost of cryptocurrencies this cycle, reaching the $100,000 level, many analysts are making predictions about the best altcoins. One token widely seen in this cycle is Cardano (ADA), a popular proof-of-stake blockchain that supports decentralized applications. If one cryptocurrency analyst is to be believed, Cardano It could reach $10 in this current bull cycle.
According to Lark Davis, the token’s 213% monthly increase only scratches the surface of its full potential. Cardano has been one of the best-performing digital assets in the past few weeks. With gains of more than 200% in one month, Cardano’s market capitalization is close to that of USDC. As for Davis, he expects it “Ethereum killer” It will reach an all-time high of $10 this cycle.
Can Cardano price rise to $10?
If Davis’s predictions come true, Cardano’s price will rise by 800%. One popular cryptocurrency commentator suggests that it’s not too late to invest in the asset. Davis’ assertion is based on observations that Cardano still has room to grow.
BREAKING: Lark Davis says “#CardanoAttracts attention and hype, we can see $10.00 $ada“. pic.twitter.com/oOpCx0DuI6
– Angry Crypto Show (@angrycryptoshow) November 29, 2024
Davis explains that strong macroeconomic indicators support Cardano, and there is still hype around its use cases and ecosystem. He stated that interest and favorable market conditions will allow the token to “go strong and real fast.”
Davis expects Cardano to continue its trend in the short term, and its price will reach $3.16. From this price point, the symbol could rise 332%, behind the 1.618 Fibonacci level, at $4.80. He expects further price movement for Cardano, and when the Fibonacci level reaches 2.618, the price of the token could reach $7.70. Finally, Davis sees Caradno making another push to $10 behind the Fibonacci level of 3.618.
Cardano dominates the market
According to Davis, Cardano dominated the market by 4% in the last cycle. He analyzed that the token’s market capitalization could increase by 10 times its current market valuation, pushing its valuation to approximately $370 billion.
This 10x increase in market valuation will be reflected in its price, pushing Cardano past the $10 level. In short, the Fibonacci price level prediction is consistent with analysts’ predictions about market capitalization. Other market analysts also echo Davis’ assessment of Cardano’s price. For example. Dan Gambardello shared that the token could reach $5 to $10 after consolidating above the $1 level.
On-chain data indicates an increase in Cardano
According to on-chain data, ADA is ready for another price. Information from CoinMarketCap tells us that the token has already surpassed Binance in terms of 24-hour volume. A High market volume It indicates increased interest and interest in the asset.
Featured image from Zipmex, chart from TradingView