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.
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.
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
Source: NewsBTC.com
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