Crypto Analyst Says Cardano (ADA) Is Set For 1,000% Rally To $4.29, Here’s Why
August 26 2024 - 12:00PM
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Cardano (ADA) has been stuck in a challenging position for the past
few years, struggling with stagnant price growth despite being one
of the most popular altcoins in the space. A crypto analyst has
offered insights into why Cardano has underperformed while also
maintaining an optimistic outlook and predicting a 1,000% rally to
new highs this cycle. Cardano On The Verge Of A 10X
Rally Crypto analyst Max Maher recently released a YouTube video
predicting that Cardano could witness a 3X, 5X or 10X surge soon.
The analyst highlighted several reasons why he believes the
underperforming altcoin could witness such a significant price
increase. Related Reading: Bullish XRP Analyst Eyes $7.50 If
Crypto Breaks Resistance Maher disclosed that during the last
crypto bull run in 2021, Cardano was one of the top bullish
altcoins, skyrocketing to an all time high of $3.10 at the time.
Following this substantial price leap, the cryptocurrency and other
major coins slumped drastically. However, unlike other coins that
have witnessed steady price gains in 2024, Cardano still struggles
to recover from bearish sentiment. According to
CoinMarketCap’s data, Ethereum (ETH) has risen by an impressive
65.58% since the beginning of the year, currently trading at
$2,735. Solana (SOL) has witnessed an even more dramatic increase
this year, jumping 682.08% to trade at $159.20. In contrast,
Cardano has recorded a modest year-to-date increase of just 45.54%,
trading at $0.37 amidst bearish trends. Maher has revealed
that for Cardano to break out of the bearish territory and see a
1,000% rally to new all-time highs of $4.29, the cryptocurrency’s
community sentiment will need to undergo a major change. He
asserted that positivity fuels success, indicating that if the
community’s sentiment towards Cardano becomes more favorable, the
cryptocurrency could experience a rise in adoption, potentially
triggering a substantial price increase. As an example, the
analyst observed a significant shift within the Cardano ecosystem
following a post he released on X (formerly Twitter) in May, which
underscored the impacts of negative comments on the price of ADA.
The analyst revealed that the positive change in sentiment has
continued to this day. From this observation, the analyst
suggested that Cardano needs an improved perception of its
narrative and brand to drive a price increase. He highlighted that
the cryptocurrency already has a rock-solid foundation and is
supported by a highly secure and efficient network. Key
Factors Behind Cardano’s Persistent Slump While sharing his
optimistic outlook for Cardano’s future price, Maher also offered
key insights on why the cryptocurrency has experienced such a
severe and prolonged price slump. Related Reading: Crypto
Analyst Sounds Alarm: Here’s Why It’s Your ‘Last Chance To Buy
Bitcoin’ He highlighted three major reasons for Cardano’s
underperformance. Firstly, Maher disclosed that, unlike Ethereum
and Solana, Cardano lacked a compelling “core narrative.” This
means that beyond its high level of security and reputation as an
efficient blockchain network, Cardano lacked a strong, distinctive
selling proposition that set it apart from other cryptocurrencies.
While Ethereum has Spot ETFs, and Solana has meme coins to drive
its price, Cardano only had its core
functionalities. Additionally, Maher revealed that Cardano’s
sophisticated values and fundamentals were difficult for investors
to fully comprehend. Finally, he emphasized that Cardano lacked
robust and positive community engagement, which is essential for
driving its price higher. Featured image created with Dall.E,
chart from Tradingview.com
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