Cardano To Hit $10? Analyst Thinks It’s Happening This Cycle

Christian Encila

6 months ago

3 mins read

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As Bitcoin leads the charge for crypto this cycle, with its price teasing the $100k level, many analysts offer predictions on top altcoins. One token that’s widely seen to surge in this cycle is Cardano (ADA), a popular proof-of-stake blockchain that supports dApps. If one crypto analyst is to be believed, Cardano can hit $10 in this current bull cycle.

According to Lark Davis, the token’s 213% monthly surge only scratches the surface of its full potential. Cardano has been one of the top-performing digital assets in the last few weeks. With its over 200% gain in one month, Cardano’s market cap is nearing that of USDC. And for Davis, he expects that this “Ethereum killer” will reach an all-time high of $10 this cycle.

Can Cardano Surge To $10?

If Davis’ predictions hold, Cardano’s price will grow by 800%. The popular crypto commentator suggests that it’s never too late to invest in the asset. Davis’ assertion is based on observations that Cardano still has room for growth.

BREAKING: Lark Davis says “#Cardano‘s getting the attention and the hype, we could see $10.00 $ADA.” pic.twitter.com/oOpCx0DuI6

— Angry Crypto Show (@angrycryptoshow) November 29, 2024

Davis explains that strong macroeconomic indicators back Cardano, and there’s still hype on its use cases and ecosystem. He mentioned that the attention and favorable market conditions would let the token “run real hard and real fast”.

Davis expects Cardano to continue its run in the short term, and its price will hit $3.16. From this price point, the token can increase by 332%, at the back of a 1.618 Fibonacci level, with a price of $4.80. He expects more price action for Cardano, and when the Fibonacci level reaches 2.618, the token’s price can hit $7.70. Finally, Davis sees Caradno making another push to $10 behind a Fibonacci level score of 3.618.

ADA market cap currently at $37.4 billion. Chart: TradingView.com

Cardano’s Market Dominance

According to Davis, Cardano had 4% market dominance in the last cycle. He analyzed that the token’s market cap can increase 10x in the current market valuation, pushing its valuation to roughly $370 billion.

This 10-fold increase in market valuation will be reflected in its price, pushing Cardano past the $10 level. In short, the prediction of its Fibonacci price level matches the analyst’s expectations of its market cap. Other market analysts also echo Davis’ price assessment for Cardano. For example. Dan Gambardello shared that the token can hit $5 up to $10 after consolidating above the $1 level.

ADA price up in the last week. Source: CoinMarketCap

On-Chain Data Suggests A Cardano Surge

According to on-chain data, ADA is ready for another price run. Information from CoinMarketCap tells us that the token has already exceeded Binance in terms of 24-hour volume. A surging market volume suggests increased attention and interest in the asset.

Featured image from Zipmex, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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