Popular decentralized and open-source crypto protocol, Cardano (ADA), has been poised for 3,000% growth by a market analyst and founder of Crypto Capital Venture, Dan Gambardello.
In a tweet dated May 29, 2024, the Crypto Capital Venture founder preached patience from ADA holders, asserting bodily that the coin boasts tremendous prospects for price expansion. He backed his claims with ADA’s historical trend and unique features that have aided the token’s expansion. The subsequent part of this insight shall dwell on the market expert’s assertion, as we explore ADA’s price expansion potential.
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ADA’s 3,000% Growth In Previous Market Cycle
According to the market expert, ADA, as of the 2021 bull season, was trading below its previous ATH by about 90%, and many thought nothing was left of the crypto asset, as it was tagged a dead ghost investment.
However, contrary to the crypto community’s belief, Cardano eschewed resilience out of nowhere to orchestrate one of the most shocking comebacks in crypto history that saw it appreciate by about 3,000% to attain its present $3.01 all-time high (ATH) from $0.1.
Analyst Relates Previous Cycle With ADA’s Current State
Comparing ADA’s present market standings with the former cycle, Gambardello noted that ADA is currently in a situation relatable to the previous market cycle. However, its decline is relatively lesser at 85%.
Going further, the market expert expressed confidence about the possibility of a previous trend repetition occurring as he preaches patience among ADA holders.
Catalysts Driving ADA’s 3,000% Expansion
Delving deeper into his claims about ADA’s 3,000% growth potential, Gambardello stated that, unlike Cardano’s features in 2021, the coin has recorded considerable progress, boosting its chances for better price expansion in subsequent market rallies.
Per the Crypto Capital Venture founder, ADA now has a more secure network, an enviable decentralized outlook, and better scalability.
Last cycle at this time, Cardano was down 90% from all time high.
Many said it was a dead ghost chain.
Out of no where it pumped 3,000% from .10 to $3.00.
Right now at the same part of this cycle it’s down 85%. This time more secure, decentralized, and scalable.
Patience.
— Dan Gambardello (@cryptorecruitr) May 29, 2024
Implications Of ADA’s Potential 3,000% Growth On The Coin’s Selling Price
At the time of writing, Cardano’s price statistics on Coincodex revealed the open-source crypto protocol selling price to be roughly $0.44, having recorded a 1.36% decline in the previous day.
Estimating based on mathematical calculations, ADA’s 3,000% expansion from its present price status would result in the attainment of a new ATH valued at approximately $13.64.
Possibilities Of ADA Hitting $13.64
While Gambardello’s prediction had no timeline attached for the projected price appreciation, it is safe to say based on the former cycle, that it would likely happen at the peak of the anticipated market bull run.
Meanwhile, contrary to the market expert’s claims, our price prediction analysis at Crypto2Community does not see ADA at $13.64 happening anytime soon. Per our price forecast, ADA at $13.64 will likely play out between 2030 and 2040.
In addition, Cardano’s risk assessment on Coincodex revealed the digital asset outlook as bearish, with only twelve green trading days from the past 30 days. The coin has outperformed only 30% of the top 100 best-performing cryptocurrencies, excluding Bitcoin and Ethereum; it is trading below its 200-day Simple Moving Average (SMA) and has an annual 5.53% inflation rate.
Summarily, the above indices underscore Cardano’s complicated state despite Gambardello’s bullish prediction about the coin’s future. Hence, it makes the analyst’s assertion a tricky one to apply.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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