Analyst Predicts $10 Target for Cardano (ADA) Price

ADA, the native token of Cardano, bounced back from the 45% drop it saw last year. Cardano price is trading at $1.08 per coin after falling to $0.7620 recently.

Cardano (ADA) price showed signs of recovery after suffering a 45% decline throughout last year. At press time, ADA price is trading at $1.08 per coin after dropping to lows of $0.7620 recently. As for its future trend, some experts predicted a dramatic rebound in the current market cycle.

Analyst Predicts $10 Target for Cardano (ADA) Price

One of the analysts who predicted a massive growth for ADA is Dan Gambardello. In his latest analysis, the founder of Crypto Capital Venture set the price prediction of ADA at $10, which is ten times more than the current price. The analyst opined that due to its sound base, Cardano has potential to achieve such growth.

Gambardello had in the previous BITCOIN TRADER UPDATE highlighted ADA price position as the prime asset in his bull market portfolio. In this latest analysis, he pointed out that the development of the blockchain could compel the growth of ADA. He also explained how macroeconomic factors such as the policy of the incoming administration of the United States could affect its growth.

Network Upgrades and Partnerships

The latest developments have helped Cardano to cement its position further in the market. The founder of Cardano, Charles Hoskinson, listed a number of new features and partnerships that could further boost the utility of the blockchain. These include the anticipated launch of the Cardano Midnight privacy protocol and the Layer 2 solution known as Midgard.

Moreover, Cardano’s collaboration with BitcoinOS will strengthen its role in Bitcoin-based decentralized finance (DeFi). These initiatives are expected to expand Cardano’s ecosystem and attract more developers and users. Hoskinson also spoke about the cooperation with other blockchains and noted the network’s openness and ability to expand.

Market Context and the Blow-Off Top Scenario

In his December 31 analysis, Gambardello estimated a bearish price target of $7 to $8 for ADA if it taps into a proportion of Ethereum’s past cycles. This would have put the valuation of Cardano at around $250 billion. But he pointed out a blow-off top which is characterized by a sharp rise in prices due to increased buying pressure may send ADA to $10.

Blow-off tops are usually associated with increased speculative activity and feelings of fear of missing out (FOMO). Similar conditions have been seen in other previous cryptocurrency market cycles and therefore are relevant to ADA price potential.

Cardano Price Movement and Resistance Levels

ADA is currently trading at $1.08 having pulled back from the recent lows. Purchases may be capped near $1.10, some analysts said, which could limit near-term gains. It is crucial for ADA to break past this barrier to enable it to keep increasing in value.

Moreover, a recent analysis suggested that Cardano’s price is experiencing considerable bullish pressure, which pushed it into a new trading zone. The TD Sequential indicator has given a buy signal of “1’ on the 3-day chart indicating the bullish reversal.