- A cryptocurrency analyst predicted that ADA’s price could reach $11 during the next bull cycle.
- Catalysts like ADA’s increasing TVL and adoption could fuel a price climb to the analyst’s target.
- At press time, ADA was worth $0.3845 after its price managed to climb by 2.55% throughout the past 24 hours.
Crypto analyst Dan Gambardello predicted that Cardano (ADA) could soar to as high as $11 in the next bull cycle. According to Gambardello, this substantial increase in the altcoin’s price would boost its total market capitalization to over $400 billion.
The analyst went on to explain that he believes ADA is one cycle behind its biggest competitor, Ethereum (ETH). Furthermore, he shared that ADA was able to soar above the $3 mark during the previous cycle despite not having all of the network upgrades and increased adoption it has recorded over the past few months.
Gambardello anticipates that factors such as Cardano’s Total Value Locked (TVL) continuing to rise, as well as the Vasil Hardfork upgrade, could be major catalysts for the altcoin’s price in the next bull market. In addition to this, the introduction of Cardano’s multi-asset ledger and its upgraded consensus mechanism could further boost ADA’s value.
Meanwhile, at press time, ADA was one of the many cryptocurrencies that printed a gain over the past 24 hours. Data from the cryptocurrency market tracking website CoinMarketCap indicated that ADA was up 2.55%. This elevated its price to $0.3845 as a result.
The latest increase in ADA’s price also nudged its weekly performance deeper into the green zone. Subsequently, CoinMarketCap data showed that the cryptocurrency’s price was up 2.58% over the past seven days as well.
ADA was able to establish a high of $0.3854 during the past day of trading but has since pulled back to trade at its current level. Despite the slight correction, ADA’s price still stood closer to its 24-hour high than its daily low, which was recorded at $0.3726.
ADA’s increase in price was accompanied by a drop in its total trading volume. At press time, the altcoin’s 24-hour trading volume was estimated to be more than $286 million. This was an 18.47% drop compared to what it was 24 hours ago.
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