Cardano (ADA) started a strong appreciation movement this week and has been leaving Bitcoin in the dust.
The native token of the smart contract platform has joined other altcoins that have reached new highs like Ethereum, XRP, BNB.
This Friday (7), ADA made significant gains and registered its new historical record of US $ 1.75. Now, analysts are putting $ 5 as a short-term goal. Meanwhile, Bitcoin (BTC) continues to vary, fueling an already animated altcoin scenario.
Cardano can jump 300%
Who is optimistic about Cardano is cryptocurrency trader Lark Davis. According to him, the smart contract platform is preparing to rise 300% in relation to the current price.
As Davis noted, the date for launching smart contracts on the Cardano network is approaching.
If everything goes as planned, the launch will take place now and, for the trader, this could drive a meteoric price hike.
Davis pointed out that this launch will put Cardano in the fray over the decentralized finance (DeFi) and Non-Fungible Tokens (NFTs) markets.
“Cardano’s smart contracts in August are likely to see the price double or triple before the event,” said.
Analyst preaches caution
In January, Davis predicted that, in the long run, Cardano would arrive easily at $ 1.00. And it did happen.
Now, he has renewed his estimates and estimates that the cryptocurrency could reach $ 4.00 to $ 5.00 during the current cycle.
On the other hand, there are traders on the alert regarding ADA due to its volume as is the case with Scott Melker. The analyst recommended that investors be cautious and not buy the hype.
“The thing I don’t like about ADA right now: there was a lot of volume, and now there isn’t,” he said.
Melket further stated that, against BTC, the ADA remains well below its historical maximum, a characteristic common to many altcoins, despite its performance in US dollars.
Therefore, according to him, this may suggest a bearish movement in the short term.
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