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TheCryptoBasic

05/11/2024

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Analysts Predict Cardano Price to Spike Toward $7.8 to $10

Some analysts see Cardano skyrocketing to a range of $7.8 to $10, citing historical data from ADA’s performance in past cycles. Crypto market veteran Javon Marks is one such analyst, recently calling...

Analysts Predict Cardano Price to Spike Toward $7.8 to $10

Some analysts see Cardano skyrocketing to a range of $7.8 to $10, citing historical data from ADA’s performance in past cycles.

Crypto market veteran Javon Marks is one such analyst, recently calling attention to Cardano’s latest price movements. Marks’ analysis was an update to an earlier report on ADA, in which he set an initial target of $2.7, expecting a reclamation of the highs last witnessed in the previous bull run.

Cardano Targets $7.8

Following the initial analysis, Cardano rose 222% on the back of the broader market rally observed earlier this year. However, ADA’s push toward hitting the initial $2.7 target faced a roadblock when it saw resistance at the $0.81 level in mid March. Following the resistance, Cardano witnessed a massive correction.

At its current price of $0.45, ADA is now down 44% from the high of $0.81. But, Javon Marks believes this ongoing retracement could be bullish for Cardano, touting it as a precursor for a more substantial upsurge. According to him, if Cardano upholds its previous breakout recorded last year, the imminent upsurge will eventually materialize.

$ADA (Cardano) and a 15X 👀

Prices of ADA showed major progress since breaking the resisting trend, climbing roughly +222% towards its first target at $2.7709 and the recent pullback could be strengthening them for even more climbing!

With this breakout holding, another +462%… https://t.co/r5qOA2trtV pic.twitter.com/lQAzOo8krF

— JAVON⚡️MARKS (@JavonTM1) May 10, 2024

He confirmed that ADA would need to rise by another 462% to first clinch the $2.7 price target. Interestingly, Marks expects Cardano to reach a price much higher than the $2.7 value, citing data from its performance in the 2021 bull run.

Notably, from 2020 to 2021, Cardano witnessed a similar trend, recording a pullback after securing a breakout from a multi-year descending trendline. Following this pullback, ADA spiked to several price levels, including $0.81, $1.60 and $2.39, before eventually soaring to the all-time high of $3.1 in August 2021.

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Marks sees this pattern playing out this time around. The analyst has also set up three major price targets for Cardano in this cycle, with the $2.77 zone being the first one. The second target sits at $5.29, while the ultimate level rests on the $7.82 price. He confirmed that this ultimate target would mark a 1,500% rise from Cardano’s current price.

Chang Upgrade Could Catalyze a Run to $10

Despite the ambitious nature of this target, others see it as an underestimate. For instance, market analyst Lucid believes ADA has the potential to reach $10, noting that this price would materialize following the upcoming Cardano Chang update, named in honor of Phil Inje Chang, former Product Manager for Voltaire at IOHK who died two years ago.

After Chang $ADA will Bang! $10 🧗‍♂️

SPOs & Builders are the backbone of Cardano! Their conviction for securing our freedom through Cardano is astounding! Having the most Devs & the highest MAV is proof of their conviction! We are never giving up on Cardano! $ADA is ours! Chang!👑

— Lucid (@LucidCiC) May 8, 2024

The Chang update marks a crucial moment in Cardano’s Voltaire phase, primarily enhancing its governance model. The upgrade, executed through a hard fork, will integrate on-chain governance features, allowing decentralized voting and treasury management.

In tandem with the governance improvements, the Plutus V3 Upgrade will be implemented to boost smart contract capabilities. Remarkably, this development would pave the way for new privacy features and cross-chain collaborations.

Due to the pivotal nature of this upgrade, expected to occur in this quarter of the year, analysts such as Lucid believe it could trigger a Cardano price surge. Lucid’s $10 target marks a 2,122% increase from Cardano’s current price, which currently sits at $0.45. ADA is already down 2.17% today.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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