Crypto Analyst Lists The Cardano Developments That Will Drive ADA Price To $3 In 2024

Source Newsbtc
Jun 15, 2024 02:00

Crypto analyst Sebastian has outlined why he believes Cardano (ADA) could rise to as high as $3 this year. The developments the analyst highlighted undoubtedly paint a bullish picture for the crypto token. However, it remains to be seen how Cardano will react, given that it is currently one of the worst-performing crypto assets this year. 

Why Cardano’s Price Is Posied To Reach $3 This Year

Sebastian mentioned in an X (formerly Twitter) post four reasons he believes Cardano will reach $3 this year. First, he mentioned Cardano’s partnership with Argentina. The Cardano Foundation recently announced its partnership with Entre Ríos, a central province in the country. The move is aimed at fostering blockchain adoption in Argentina. The partnership also benefits ADA as it will help the network break into the Argentine market. 

Secondly, Sebastian mentioned the Chang Hard Fork as another reason Cardano is poised to reach $3 this year. This network upgrade is supposed to usher in Cardano’s “Voltaire” era, focusing on decentralized governance. Once this Chang Hard Fork occurs, the Cardano network will become more community-driven, which can help uplift the Cardano ecosystem and further boost investors’ confidence.  

Sebastian alluded to the new decentralized applications (dApps) launching on Cardano as another reason the crypto token can reach $3 this year. The launch of these dApps will help increase Cardano’s network activity and ultimately positively impact ADA’s price since the crypto token will gain added utility. 

Lastly, Sebastian mentioned that 1.5 billion Cardano tokens will be unlocked for marketing and other investments. He believes these funds could go a long way in promoting the Cardano ecosystem and attracting new users. However, some of his followers disagreed with him in this regard, noting that unlocking this significant amount of tokens would only put massive sell pressure on DA. 

Cardano Chang Hard Fork Is A “Big Deal”

Crypto analyst and Cardano bull Dan Gambardello recently remarked that the Chang Hard Fork is a bid deal for the Cardano ecosystem, seeing as the network will pivot into “an ear of decentralized, community governance.” The network upgrade is expected to go live later this month, with Gambardello claiming this is excellent timing for the altcoin season. 

Gambardello has remained bullish on Cardano despite its unimpressive price action and has even reassured his followers that the crypto token’s current price action is normal. He stated that ADA was in a similar position in the last bull run but still recorded a massive price in that market cycle. He expects something similar to happen again and suggested that ADA’s big move could come once the Altcoin season kicks into full gear. 

At the time of writing, ADA is trading at around $0.4, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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