According to crypto analyst Ali Martinez Cardano The price has a chance to surpass $10 in the current bull cycle. ADA showed a similar upward trend in 2021.
Although Price had difficulty keeping up with trends from time to time, it continued to strengthen its development activities. However, on the other hand, the “Social Dominance” metric decreased to 0.3%. This is one of the details that shows that investors’ interest in ADA has decreased.
However, the decline in Social Dominance is a positive development in terms of price action. Because an extremely high Social Dominance would usually indicate a local peak. Therefore, it can be seen that Cardano price has the potential to rise. However, it is not certain that it will reach a value of $10.
The daily ADA/USD chart showed that the token was on a clear path towards the $1 level. As Koinfinans.com reported, the Exponential Moving Average (EMA) crossed over the 50 EMA (blue) and the 200 EMA (yellow) at the time of writing, indicating a long-term uptrend.
An analysis was made that a fix might not stop ADA in this case. Moreover, Fibonacci extension signals indicated that the price of ADA could rise as high as $1.40 in the near term. Regarding the Money Flow Index (MFI), he noted an increasing reading of the charts.
A high MFI reading may indicate heavy capital inflow into ADA.
Data at 80.25 means ADA is overbought. Therefore, the previously mentioned correction may be imminent. In case of a potential correction, Cardano priceIt is estimated that it may drop to 0.65 dollars.
However, it was also stated that the subsequent recovery could be quite large. In particular, if the price experiences a significant rise, it may not be possible for ADA to reach $2.
Beyond price movements, Cardano’s Total Value Lock (TVL) signaled renewed confidence in the ecosystem. By press time, TVL had risen to $495.14 million, indicating market players were locking more assets into the protocol.
The increase in TVL, which is an important indicator of investor confidence, may also be reflected in its price. If Cardano’s TVL exceeds $1 billion, ADA going to $10 could be an option.
However, this is not the only condition attached to it, as other criteria can also play a role in price prediction.
