Crypto Analyst Predicts Cardano Price Will Rally 370% To $2, Here’s The Timeline
13 June 2024 - 12:00PM
NEWSBTC
Cardano is one of the cryptocurrencies that continues to see
bullish expectations from crypto analysts. One crypto analyst, in
particular, who gets by @Av_Sebastian on X (formerly Twitter),
believes that the Cardano price can rise as high as $2, crediting
the upcoming Chang upgrade as the reason for this. Cardano Will
Reach $2 Soon In a post on X (formerly Twitter), the crypto analyst
revealed their expectation for the Cardano price, saying it could
rally more than 300% from here. Sebastian explained that the reason
for this is the upcoming Cardano hard fork that has sparked
excitement in the community. Related Reading: Bitcoin Crash Below
$67,000 Sends Market Spiraling, Here Are The Levels To Watch The
crypto analyst refers to previous Cardano network upgrades, all of
which have sent the ADA price rallying in response. One notable
example of the ADA price rallying in response to a network upgrade
is the excitement surrounding the Alonzo hard fork in 2021. The
Alonzo hard fork was important because it introduced smart
contracts capabilities on the network. This meant that the budding
decentralized finance (DeFi) sector would eventually debut on the
Cardano network, bringing a new wave of users to the blockchain. In
the months leading up to the Alonzo hard fork, the ADA price went
from $0.2 to a new all-time high of $3.1, rallying over 30x in the
space of a year. Going by this, Sebastian expects that the ADA
price could put on a similar rally. According to Sebastian, the
Chang upgrade, which will see all nodes updated by August, will be
the major driver behind this. As a result, he expects that ADA will
rise 370% to $2 and the timeline for this is placed for August,
which is only two months away. So, in June the Cardano blockchain
will receive the node upgrade and in August all nodes should be
updated and Chang should be live. Before all other important hard
forks, $ADA price went nuts. A $2 $ADA in August is highly likely!
— Sssebi🦁 (@Av_Sebastian) June 10, 2024 Chang Upgrade Gains Ground
The Cardano Chang upgrade is already gaining ground as investors
are looking favorably toward it. The upgrade is expected to help
grant users greater control when it comes to the network’s
governance. Some of the major changes expected from the upgrade
will be an advanced governance system, treasury and annual budgets,
as well as better support. Related Reading: Bitcoin Turns Weakness
Into Strength: Analyst Identifies Major Liquidity Zone At $73,000
Cardano Founder Charles Hoskinson has also commented on the
upgrade, saying that it is a major change for ADA. The upgrade will
move all Cardano nodes to version 9.0. However, at least 70% of all
node operators are required to upgrade to the new version before
the upgrade can occur. At this time, the network’s upgrade is
expected to happen sometime in August 2024. So far, the ADA price
has not shown any significant reaction to the upcoming upgrade. The
altcoin continues to trend low at $0.4254 at the time of writing,
with a 7.78% decline in the last seven days. Featured image created
with Dall.E, chart from Tradingview.com
Cardano (COIN:ADAUSD)
Historical Stock Chart
From May 2024 to Jun 2024
Cardano (COIN:ADAUSD)
Historical Stock Chart
From Jun 2023 to Jun 2024