Cryptocurrency analyst Ben Armstrong, Cardano He believes the price is poised for a strong bull run. Armstrong emphasizes that there have been a number of developments that will positively affect the price of ADA, and that this situation is parallel to the increasing public openness in the blockchain network.
While he does not specify whether Cardano’s team is making a conscious effort to increase its awareness, he is confident that this increased awareness is a trend that is increasing the price of ADA. In a recent video, he noted that historical data shows that such developments in the Cardano ecosystem often lead to a significant ADA price movement.
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Armstrong highlights that USDM, the newly launched fiat-backed stablecoin on Cardano, is one of the key factors behind the increased vitality as a result of various activities in the ecosystem. This is described as a first for the network and could be a turning point for the decentralized finance (DeFi) ecosystem.
Continuing his analysis, Armstrong cites Cardano CEO Charles Hoskinson’s handling of issues with the Hydra project as another significant public event. He emphasizes that Hoskinson reassured the community that Hydra is ongoing and will significantly improve the efficiency of the network.
Armstrong also cites price analysis predicting a $5 price for ADA. The top analyst expects an ADA consolidation between $0.55 and $0.80 in the coming weeks. According to Martinez, he predicts that ADA will rise to $1.70 after initial consolidation and then continue its journey towards $5.
According to TradingView data, ADA is currently trading at $0.614 after pulling back from the recent high of $0.81.
