Analyst Lark Davies predicted tenfold increase in the cryptocurrency rate Cardano (ADA), created by Charles Hoskinson.
After Donald Trump's victory in the US presidential election became known, the price Cardano began to rise rapidly and increased by 248%. The digital asset rate crossed the psychologically important $1 mark, consolidated above it and reached its maximum value since April 2022 at $1,156.
Davis believes that the bull run in the ADA market is just beginning. In his opinion, the coin could reach $10 and thus grow almost 10 times from its current value. In this case, the price Cardano will increase to the 3,618 Fibonacci level from the previous peak recorded in September 2021.
Fibonacci levels on the exchange rate chart Cardano , compiled by Davis
Lark's positive outlook is based on the fact that Cardano will be able to regain lost ground in the cryptocurrency market. During the previous cycle, ADA accounted for 4% of the capitalization of all digital assets. If the coin's dominance reaches this level in the near future, its market capitalization will be $370 billion, which is about 10 times higher than the current figure.
About what Cardano there is a chance to succeed, says the growing popularity of the blockchain of this cryptocurrency. As a result of the increase in the number of completed transactions and the size of the withheld commission, the activity of network users has already reached heights that were last observed in March 2022.
