Cardano ($ADA) Price Could Surge Over 1,500% in Near Future, Analyst Says

by

As an experienced cryptocurrency analyst, I’ve been closely monitoring the market trends and price movements of various digital assets, including Cardano (ADA). Javon Marks, a popular and influential analyst in the community, has recently caught my attention with his bullish prediction for ADA’s near-term price action.

A well-known cryptocurrency analyst, Javon Marks on microblogging site X (previously known as Twitter), has recently proposed that the value of Cardano‘s native token, $ADA, might increase by more than 1.5 percent in the upcoming period.

In a post viewed by almost 40,000 people, the analyst pointed out that Ada’s price has made significant strides since shattering its resistance trend, soaring past $2.7709 – its initial objective – by over $200. The recent dip may serve to bolster these gains and propel prices even higher.

An analyst made the observation that if the current breakout persists, Cardano (ADA) may experience significant growth with potential gains exceeding 460%. Furthermore, based on historical trends, there’s a possibility of even greater increases, potentially reaching the $7.8 mark. Achieving this level would mean a remarkable rise of over 1,500% for Cardano.

Cardano’s $ADA token has made significant strides in breaking past resistance levels, surging approximately 222% towards the first objective at $2.7709. The recent dip could actually reinforce this upward trend and potentially lead to a further increase of around 462%.— JAVON⚡️MARKS (@JavonTM1) May 10, 2024

A different cryptocurrency analyst, referred to as Trend Rider on a social media platform, stated that the cost of Cardano (ADA) is maintaining its support line. If it successfully holds this level over the next fortnight, the bears may lose steam, potentially leading to an increase in ADA’s price.

As a researcher, I’d put it this way: Current market conditions have caused Cardano’s native token Ada to dip to a trading price of $0.45 after experiencing a 2% decrease in value over the last day and a significant 23% loss during the past month. The overall cryptocurrency market correction has contributed to these fluctuations.

As a researcher studying the Cardano blockchain, I’ve observed an impressive growth in the community despite the recent market corrections. Specifically, I’ve noted that more than 1,000 new Plutus V2 smart contracts have been added within a month.

Over 1,000 smart contracts have been deployed on the Cardano blockchain since early January 2022. This surge followed the highly anticipated launch of the Alonzo hard fork, which integrated smart contracts onto the network. With this upgrade, Cardano joined the ranks of other leading blockchains like BNB Chain (BNB), Ethereum (ETH), and Solana (SOL) that support smart contracts.

Read More

2024-05-11 02:09