Some experts predict that Cardano (ADA) could experience a significant surge in value, with price targets ranging from $7.8 to $10. Javon Marks, a veteran in the crypto market, recently provided an update on Cardano’s price movements. In his analysis, Marks initially set a target of $2.7, expecting ADA to reach the highs seen in the previous bull run.
After the initial analysis, Cardano experienced a 222% rise due to the broader market rally earlier this year. However, the push towards the $2.7 target faced resistance at the $0.81 level in mid-March, leading to a significant correction for Cardano.
Currently priced at $0.45, ADA is down 44% from its previous high. Despite this retracement, Marks believes that it could be a positive sign for Cardano, indicating that a substantial upsurge may be on the horizon. He suggests that if Cardano maintains its previous breakout pattern from last year, the expected upsurge will eventually occur.
According to Marks, ADA would need to increase by 462% to reach the $2.7 target. Interestingly, he predicts that Cardano could surpass this target based on its performance in the 2021 bull run. In that period, Cardano experienced a similar trend, pulling back after breaking out from a descending trendline. The price then spiked to various levels, including $0.81, $1.60, and $2.39, before reaching an all-time high of $3.1 in August 2021.
Marks expects a similar pattern to play out this time around. He has set three major price targets for Cardano in this cycle, with the first one being the $2.77 zone. The second target is $5.29, and the ultimate level is $7.82. The ultimate target represents a 1,500% increase from Cardano’s current price.
Some analysts believe that Cardano has even greater potential, with a target of $10. Lucid, a market analyst, suggests that this price could be achieved following the upcoming Cardano Chang update. This update, named in honor of Phil Inje Chang, aims to enhance Cardano’s governance model. It will introduce on-chain governance features, decentralized voting, and treasury management through a hard fork.
Alongside the governance improvements, the Plutus V3 Upgrade will be implemented to enhance smart contract capabilities. This development will enable new privacy features and cross-chain collaborations. Analysts like Lucid believe that this upgrade, expected to occur in the current quarter, could trigger a surge in Cardano’s price. The $10 target represents a 2,122% increase from Cardano’s current price of $0.45.
It is important to note that this article provides informational content and should not be considered financial advice. The views expressed are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.