Cardano (ADA) Might Be Gearing Up for a Major Boost as Development Activity Dominates the Scene
- PHPzOriginal
- 2024-08-12 03:15:10826browse
Taking on X, formerly Twitter, market analyst Javon Marks acknowledged that ADA was eyeing a breakout that would make the altcoin skyrocket to $2.77 in the long term.
Cryptocurrency market movements are notoriously difficult to predict, and several factors can influence price fluctuations. Technical analysis can provide insights into potential price trends, but it's essential to approach predictions with caution and conduct thorough research before making any investment decisions.
Recently, there have been discussions regarding a possible breakout for Cardano (ADA), with some analysts suggesting that the tenth-largest cryptocurrency might be poised for a significant upswing.
One market analyst, Javon Marks, highlighted ADA's potential breakout, indicating that the altcoin could be eyeing a long-term surge to $2.77. Marks stated, “As ADA (Cardano) continues to hold breakout, sights remain on a massive bull run to come in, which can lead all the way up to $5+. From the holding breakout, these prices can be poised for an over 732% uphill run to first $2.7709 and based on the previous breakout and run higher might be possible.”
The analyst further noted that if the breakout occurs and Cardano manages to cross three resistance levels, ADA could be looking at a 1400-2,200% upside toward the $7.82 mark.
Another chartist, known pseudonymously as Bitcoin ATM, shared similar sentiments, suggesting that Cardano's major upswing could be on the horizon and might unfold before next year.
At the time of writing, ADA was trading in the vicinity of $0.3427, as indicated by CoinGecko.
Cardano's Development Activity Continues to Shine
According to data from Santiment, Cardano ranks among the top cryptocurrencies in terms of development activity. Coming in third after Internet Computer (ICP) and Hedera (HBAR), ADA's development activity contributes to highlighting the potential for project growth and user adoption, especially with the Chang Upgrade on the near horizon.
This upgrade is set to go live in August and aims to bolster Cardano's decentralization efforts through the integration of CIP-1694 into the governance mechanism of the network.
With node reporting and blocks protocol at 70% and 60%, respectively, Cardano's Chang hard fork appears to be approaching imminently. This development, coupled with various bullish signals, paints a positive picture for ADA.
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