Bitcoin is leading the crypto market this cycle, with its price approaching the $100,000 level, and many analysts are offering their predictions for the top altcoins. One token widely seen as surging this cycle is Cardano (ADA), a popular proof-of-stake blockchain that supports dApps. If one crypto analyst is to be believed, Cardano could reach $10 in the current bull cycle.
According to Lark Davis, the token’s 213% monthly surge only scratches the surface of its potential. Cardano has been one of the best performing digital assets in recent weeks. Cardano's market capitalization, which has increased over 200% in one month, is approaching that of USDC. And Davis expects this “Ethereum killer” to reach an all-time high of $10 this cycle.
Will Cardano soar to $10?
If Davis' prediction is correct, Cardano's price will rise by 800%. A popular cryptocurrency commentator suggests that it's never too late to invest in this asset. Davis' argument is based on the observation that Cardano still has room to grow.
BREAKING: Lark Davis says:#cardanoGet attention and hype and you could see $10.00. $ADA” pic.twitter.com/oOpCx0DuI6
— Angry Crypto Show (@angrycryptoshow) November 29, 2024
Davis explains that strong macroeconomic indicators are driving Cardano, and there is still hype around its use cases and ecosystem. He said that due to the attention and favorable market conditions, the token will “perform very strongly and very quickly.”
Davis expects Cardano to continue rising in the short term, reaching a price of $3.16. From this price point, the token has risen 332% below the 1.618 Fibonacci level, resulting in a price of $4.80. He expects further price movement for Cardano, and if the Fibonacci level reaches 2.618, the token price could reach $7.70. Finally, Davis sees Caradono pushing further to $10 below the Fibonacci level score of 3.618.
Cardano’s market power
Davis said Cardano had 4% market power in the last cycle. He analyzed that the token's market capitalization could increase 10 times its current market valuation, reaching a valuation of about $370 billion.
This 10x increase in market valuation will be reflected in the price, pushing Cardano above the $10 level. In other words, Fibonacci price level predictions match analysts' market capitalization predictions. Other market analysts echo Davis' assessment of Cardano's price. for example. Dan Gambardello shared that the token could reach $5 to $10 after consolidating above the $1 level.
On-chain data suggests Cardano surge
According to on-chain data, ADA is poised for further price appreciation. According to information from CoinMarketCap, the token has already surpassed Binance in 24-hour volume. A surge in market volume suggests that there is increased attention and interest in the asset.
Featured image from Zipmex, chart from TradingView
