As Bitcoin's price continues to approach $100,000, many analysts have made predictions about top altcoins. One of the tokens expected to breakout strongly is Cardano (ADA), the famous proof-of-stake blockchain supporting decentralized applications (dApps). According to a cryptocurrency analyst, Cardano could reach $10 in the current bull cycle.
Can Cardano reach $10?
Lark Davis, a well-known commentator in the cryptocurrency space, remarked that the 213% increase in ADA over the past month is just the beginning. Cardano is currently one of the best-performing digital assets in recent weeks. With an increase of over 200% in one month, Cardano's market capitalization is approaching USDC. Davis expects this 'Ethereum killer' to reach an all-time high of $10 in this cycle.
If Davis's prediction comes true, the price of Cardano could increase by up to 800%. Davis emphasizes that it is not too late to invest in ADA, as its growth potential is still very large. He explains that strong macro indicators, along with interest in use cases and the Cardano ecosystem, will allow this token to 'accelerate quickly and strongly.'
Weekly ADA/USDT chart | Source: Tradingview-Davis
Davis predicts Cardano will continue its upward trend in the short term, with a price reaching $3.16. From this price level, the coin could increase an additional 332%, reaching $4.80 based on the Fibonacci level of 1.618. Afterwards, he expects the price of ADA to rise even more sharply to reach the Fib level of 2.618 at $7.7 and finally the Fib level of 3.618 at $10.
Cardano's dominance in the market
Davis notes that Cardano once held 4% market share in the previous cycle. He analyzes that the market capitalization of ADA could increase tenfold in this cycle, reaching around $370 billion. This increase in market capitalization will directly reflect on the token's price, pushing Cardano above the $10 mark.
ADA dominance ratio | Source: Tradingview-Davis
This prediction from Davis is supported by other analyses. For example, Dan Gambardello suggests that ADA could reach between $5 to $10 if it surpasses the accumulation phase above $1.
On-chain data supports Cardano's upward momentum
According to on-chain data, ADA is ready for a new price surge. The data shows that this token has surpassed BNB in 24-hour trading volume. The spike in trading volume is a sign of increasing attention and interest in this asset.
With support from both analysts and market data, Cardano promises to be one of the strong breakout factors in the current bull cycle.