Cardano’s Potential: Analysts Predict Surge to $7.8 to $10

Veteran crypto market analyst Javon Marks recently highlighted Cardano’s price movements, updating his earlier report on ADA with a revised target of $2.7. He anticipates ADA reclaiming previous highs seen in the last bull run.

After Marks’ initial analysis, Cardano surged by 222% amidst a broader market rally. However, the push towards the $2.7 target faced resistance at $0.81 in mid-March, leading to a significant correction.

Potential For Upsurge

Despite a 44% retracement from its peak, Marks sees this as a bullish sign for Cardano. He suggests that if Cardano maintains its previous breakout pattern, a substantial upsurge is imminent. Marks expects ADA to surpass the $2.7 target, citing data from its 2021 performance.

He notes a similar trend from 2020 to 2021, where Cardano experienced pullbacks followed by significant spikes, eventually reaching an all-time high of $3.1. Marks has set three major price targets for Cardano in this cycle: $2.77, $5.29, and $7.82. He anticipates a 1,500% rise from Cardano’s current price to reach the ultimate target.

Market analyst Lucid believes Cardano could exceed Marks’ predictions, reaching $10 following the upcoming Cardano Chang update. This upgrade, honoring Phil Inje Chang, aims to enhance Cardano’s governance model and smart contract capabilities.

Anticipated Impact Of Chang Upgrade

The Chang update, executed through a hard fork, will integrate on-chain governance features, facilitating decentralized voting and treasury management. Additionally, the Plutus V3 Upgrade will boost smart contract capabilities, opening avenues for new privacy features and cross-chain collaborations.

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

Analysts anticipate the Chang upgrade, scheduled for this quarter, to trigger a surge in Cardano’s price. Lucid’s $10 target represents a substantial 2,122% increase from ADA’s current price, currently at $0.45.

Analysts foresee a bullish trajectory for Cardano, driven by historical trends and upcoming fundamental upgrades.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.