Analyst predicts jump of more than 340% for Cardano (ADA) by the end of the year
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FXStreet analyst Ekta Maurya is forecasting a rally of over 340% for Cardano (ADA) by the end of 2022.
According to the analyst, some recent developments will push the ADA token towards the target price of US$ 2.
It is noteworthy that at the time of writing this article, ADA is trading at US$ 0.46. In the last 7days, the price of the eighth largest cryptocurrency on the market has appreciated by around 10%.
Binance and Robinhood Embrace ADA
As the analyst pointed out, the recent announcement that could help Cardano’s cryptocurrency hit $2 is the listing of the asset by US-based trading platform Robinhood.
According to her, the exchange’s listing of over 23 million users on August 31 has fueled bullish sentiment among ADA holders.
In addition, the largest exchange by traded volume in the world, Binance US, has added support for ADA staking, with the possibility to earn 6.10% in annual percentage yield (APY).
The two novelties arrive on the eve of the Vasil hard fork scheduled to take place in September. As Maurya pointed out, the Vasil update is a long-awaited event that should bring numerous improvements to Cardano. For example, Vasil will add throughput and scalability to the Cardano blockchain. In addition, smart contracts on the Cardano network will benefit from new Plutus features.
“With the announcement of US Robinhood and Binance, bullish sentiment among ADA holders has increased. The Vasil hard fork received support from major cryptocurrency exchanges, dApps and smart contracts. The cryptocurrency community is waiting for the hard fork of ETH and the Vasil hard fork from Cardano with anticipation and preparation”, highlighted the analyst.
Will developments drive the price of ADA more than 340% to $2?
FX Street analysts assessed Cardano’s price chart in light of recent bullish developments. According to them, as exchanges announce support for the Vasil hard fork and list the ADA, the altcoin is able to reach a wider audience.
“With widespread adoption and utility, there is a likelihood that Cardano prices will rise,” they said.
Based on a PyTorch-based price prediction algorithm by NeuralProphet, a price target of USD 1.77 was established for ADA as early as the end of September and of USD 2 by the end of the year.
Cardano (ADA) Price Chart – Source: FX Street
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