Despite the optimism, ADA dropped below $1 in May. Since then is trading in a tight range between $0.30 and $0.60. This period of consolidation has some wondering if Cardano is bottoming out before its next bull run. However, amidst market fluctuations, some intriguing predictions have emerged. Let’s see where Cardano is heading.
Cardano Price Forecast
Recently, Dan Gambardello, founder of Crypto Capital Venture and a huge Cardano supporter, made a bold prediction about where the price of ADA is headed. In a tweet, he predicted that Cardano’s price would hit a new all-time high of at least $7.80 during the next bull market.
Gambardello didn’t go into detail about the reasoning for his conclusion, but he did imply that the importance of cryptocurrencies would rise as existing financial institutions face difficulties. In his estimation, it will take around a year for the true crypto bull market to begin.
The analyst foresees a target of $7.80, which is as of now difficult to imagine, as to hit the target ADA has to climb almost 2400% from its current price. Having said that, the cryptocurrency market is renowned for its unpredictability, and significant price swings are not unprecedented.
Notably, during the past week, ADA has lost 3.24% of its value. Even if the 1-month change is positive at +11.17%, the 6-month view reveals a loss of 19.53%. So, what could be behind ADA’s price spike on the last day?
Going with the perspective of ADA Whale, a prominent Cardano-focused Twitter account, there is a potential bull run for Cardano, while they caution against expecting immediate results. Their perspective suggests that any major market movements might take time to materialize and shouldn’t be viewed as a quick “2023 story.”
A Technologically Advanced Network, Is the Answer!
But what is going in favor of Cardano is its latest update which is expected to create a market buzz, as reported in the latest update by Input Output Global (IOG), the team responsible for Cardano’s blockchain.
The recent release of node v.8.1.2 brought updates to the Plutus interpreter, contributing to the platform’s advancement. Furthermore, the launch of the Mithril protocol’s mainnet beta represents a notable milestone for the Cardano network. The Mithril team is closely monitoring the network and is optimistic about initiating the creation of certificates in the upcoming Cardano epoch.
While it is also evident that Cardano was badly impacted by the Fed’s rate hike last year and this year as well Fed is expecting to raise the rate, in such a situation, it will be interesting to see how Cardano will react to the two-way pressure of being an oversold asset so far. Trading ADA requires patience and caution.
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