Market expert now predicts Cardano could reach $10 within this market cycle due to its impressive surge in the past month.
An analyst has asserted that the impressive 213% surge in Cardano’s price over the past month is merely a preview of what lies ahead for this cryptocurrency, which ranks ninth by market capitalization.
Cardano has emerged as one of the standout performers in the crypto space, more than doubling its value, and is closing in on the eighth-largest asset, USDC.
In light of Cardano’s remarkable growth, renowned crypto commentator Lark Davis has expressed optimism about its future potential.
He recently stated that he believes Cardano, often referred to as the “Ethereum killer,” could reach $10 during this current bull cycle.
Davis argues that despite Cardano’s recent gains, there is still ample opportunity to invest.
He contends that the cryptocurrency has yet to explore new price heights in this ongoing market rally.
He highlighted the macroeconomic factors supporting Cardano’s ascent, noting that growing excitement around its ecosystem could lead to significant price action.
Davis’s price targets include a return to Cardano’s all-time high of $3.16, followed by a potential climb to $4.80, representing a 332% increase based on Fibonacci retracement levels.
He sees further upside, predicting a rise to approximately $7.70, and ultimately a “realistic” target of $10.
Additionally, Davis pointed out that during the previous market cycle, Cardano had a 4% share of the market.
To reach this level of dominance again, he estimated that Cardano’s market cap would need to increase tenfold, bringing it to around $370 billion.
This increase in market cap would likely correlate with a price above $10 for Cardano.
Other analysts share similar bullish sentiments, with figures like Dan Gambardello forecasting that ADA could reach between $5 and $10 after stabilizing above the $1 mark.
On the trading front, recent on-chain data indicates that Cardano is primed for its next upward movement.
Notably, it has surpassed Binance Coin (BNB) in 24-hour trading volume, highlighting a surge in interest among investors.
Analyst Jake Wujastyk has also remarked on Cardano’s momentum, suggesting that a significant price jump is imminent based on trading indicators.
As of now, Cardano is trading at $1.06, reflecting a 3% increase in the last 24 hours, further supporting the bullish outlook for this cryptocurrency.
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Also Read: Cardano Has Now Achieved The “A” Status
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