With new developments and predictions, Cardano (ADA) continues to attract attention in the crypto world, presenting investors with a divided picture. Analyst Dan Gambardello recently expressed a bullish prognosis, asserting that Cardano is now 10 times more robust than it was in previous cycles. The long-term prospects appear promising, however, the short-term market sentiment indicates that a cautious approach is preferable.
Gambardello said that the move to a fully decentralized, community-owned blockchain is one of the most important changes that makes him more optimistic. This important change happened after the Chang Upgrade went live on September 1. Gambardello said that the update has strengthened Cardano’s base, making it a more stable and independent network. However, this is only one part of the story.
Cardano: 10x Stronger Than Last Cycle At This Moment.
🌐 Owned By Community
❌ IOG Burned Keys
⚡ Hydra Scaling
📈 Higher Market Cap Position
🤝 Massive Partnerships
🛡️ Unmatched L1 Security
💰 DeFi Ecosystem
🐻 Survived The Bear As Top 10— Dan Gambardello (@cryptorecruitr) October 6, 2024
Cardano’s Most Recent Advancements
One of the major steps that Cardano took to signify its full shift into community administration was the termination of its genesis keys. Leading this milestone adds another level of security and decentralization to the blockchain, thanks to the efforts of Input Output Global (IOG). According to Gambardello, these elements make Cardano’s network far more robust than it was in earlier cycles.
Furthermore, Cardano’s Hydra, a layer-2 scaling solution, extends the network’s appeal. Hydra’s objective is to enhance transaction throughput while simultaneously preserving high levels of security and decentralization. This solution could provide Cardano with a competitive advantage, particularly in its pursuit of dominating the competition with other top networks such as Ethereum, as scalability is a significant obstacle for many blockchains.
ADA Market Position
Cardano has also experienced a substantial increase in its market position. ADA rated 12th in the crypto market and had a market cap of $2.997 billion in 2020. At the time of writing, Cardano maintains a market capitalization of $12.64 billion. Despite recent underperformance, Cardano’s resilience during the 2022 and 2023 market decline has kept it in the top 10 for an extended period.
Cardano (ADA) Price Forecast
Meanwhile, with technical indicators suggesting a cautious outlook for investors, Cardano (ADA) is presently in a bearish territory in the market. By November 7, 2024, the price of Cardano is expected to climb by 16.86%, according to CoinCodex, to over $0.412024.
At 49, the Fear & Greed Index says traders are neutral even at this potential upward trajectory. The price volatility of Cardano had been at 5.70% with 60% positivity, boasting 18 out of 30 days in the green in the last 30 days. Based on these factors, many analysts believe that today isn’t probably the best time to make investments in Cardano.
Featured image from Pixabay, chart from TradingView