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06/12/2024

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Crypto Analyst Predicts Cardano Price Will Rally 370% To $2, Here’s The Timeline

Cardano is one of the cryptocurrencies that continues to see bullish expectations from crypto analysts. One crypto analyst, in particular, who gets by @Av_Sebastian on X (formerly Twitter), believes that the...

Crypto Analyst Predicts Cardano Price Will Rally 370% To $2, Here’s The Timeline
Cardano ADA

Cardano is one of the cryptocurrencies that continues to see bullish expectations from crypto analysts. One crypto analyst, in particular, who gets by @Av_Sebastian on X (formerly Twitter), believes that the Cardano price can rise as high as $2, crediting the upcoming Chang upgrade as the reason for this.

Cardano Will Reach $2 Soon

In a post on X (formerly Twitter), the crypto analyst revealed their expectation for the Cardano price, saying it could rally more than 300% from here. Sebastian explained that the reason for this is the upcoming Cardano hard fork that has sparked excitement in the community.

The crypto analyst refers to previous Cardano network upgrades, all of which have sent the ADA price rallying in response. One notable example of the ADA price rallying in response to a network upgrade is the excitement surrounding the Alonzo hard fork in 2021.

The Alonzo hard fork was important because it introduced smart contracts capabilities on the network. This meant that the budding decentralized finance (DeFi) sector would eventually debut on the Cardano network, bringing a new wave of users to the blockchain.

In the months leading up to the Alonzo hard fork, the ADA price went from $0.2 to a new all-time high of $3.1, rallying over 30x in the space of a year. Going by this, Sebastian expects that the ADA price could put on a similar rally.

According to Sebastian, the Chang upgrade, which will see all nodes updated by August, will be the major driver behind this. As a result, he expects that ADA will rise 370% to $2 and the timeline for this is placed for August, which is only two months away.

So, in June the Cardano blockchain will receive the node upgrade and in August all nodes should be updated and Chang should be live.
Before all other important hard forks, $ADA price went nuts.
A $2 $ADA in August is highly likely!

— Sssebi🦁 (@Av_Sebastian) June 10, 2024

Chang Upgrade Gains Ground

The Cardano Chang upgrade is already gaining ground as investors are looking favorably toward it. The upgrade is expected to help grant users greater control when it comes to the network’s governance. Some of the major changes expected from the upgrade will be an advanced governance system, treasury and annual budgets, as well as better support.

Cardano Founder Charles Hoskinson has also commented on the upgrade, saying that it is a major change for ADA. The upgrade will move all Cardano nodes to version 9.0. However, at least 70% of all node operators are required to upgrade to the new version before the upgrade can occur. At this time, the network’s upgrade is expected to happen sometime in August 2024.

So far, the ADA price has not shown any significant reaction to the upcoming upgrade. The altcoin continues to trend low at $0.4254 at the time of writing, with a 7.78% decline in the last seven days.

Cardano price chart from Tradingview.com
ADA price recovers | Source: ADAUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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