- Cardano is trying to make a strong comeback.
- Tech upgrades could place Cardano back on the map.
- Analysts say that Cardano could even reach $15 in the coming years.
The Cardano (ADA) price saw a rapid jump just a day ago, showing signs that the crypto could make a comeback.
Cardano rallied roughly +16% on May 4, but this bullish climb halted after Bitcoin crashed to $36,000. And so, the gains that Cardano was able to secure on May 4 were nullified. Yet the market looks promising, and there is a chance for an upswing.
Some of the reasons for this optimistic outlook include an increased number of investors flocking to invest in the altcoin. This could be because of upcoming tech upgrades such as the promised and much-awaited Hydra upgrade. If this tech development goes as planned, the Cardano network could process up to 1 million transactions per second (TPS). Several analysts have said that once Hydra starts running, Cardano’s price could skyrocket to even $15.
Another important reason to believe Cardano will soon see a hike is its rising wallet number. According to reports, wallets holding ADA have increased by 1600% since 2020. Apart from the wallet numbers multiplying, Cardano’s total value locked (TVL) has also continued to grow considerably.
However, for Cardano to rise again, it will need to jump some hurdles. The first significant barrier seems to be at the $0.90 level. Passing this barrier will open the path for Cardano’s price to retest the $0.96 level which roughly coincides with the 50% retracement level at $1.01.
At the time of writing, ADA trades at a decent price of $0.793516, down by 8.1% in the past 24 hours. Nonetheless, considering all the positive developments, the future looks bright for Cardano, and a 33% jump to $1 from its current price does not seem unreachable.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.