2022-10-7 02:41 |
Cardano Price Prediction: Crypto analyst Dan Gambardello predicts a 3000% gain in ADA price despite a steady drop in total value locked since March 2022.
At press time, the total value locked (TVL) in Cardano’s decentralized finance ecosystem was $76.5 million, down almost 76% from the $326 million recorded in March 2022.
Cardano price prediction is not outlandishGambardello’s price prediction hinges on Cardano’s execution of the final two stages of its roadmap, Basho and Voltaire. The most recent Vasil upgrade is part of the penultimate Basho phase focused on scaling the blockchain. It introduced higher network capacity, lower transaction fees, and faster transactions. The next stage, Voltaire will introduce governance standards.
The way Cardano has gone about the upgrade takes it closer to achieving the trilemma of security, decentralization, and scalability, Gambardello argues. And a price prediction of $15 is not outlandish if one considers that ADA was trading at around $0.12 in July 2020 outside of a bear market. It rallied 2300% to a little under $3 during the next bull market in Aug. 2021. If Gambardello had made that prediction during a bear market, ADA’s price jump would have been more drastic, around 8000%, and would have been correct.
Considering that the current price is occurring within a bear market, it may not be implausible to believe that it would increase to $15 in the next bull market.
Gambardello also believes that ADA’s market cap could reach $500 billion in the next bull market as the final phases of its roadmap are tied up, and the decentralized application ecosystem matures. This would also take ADA’s price to $15.
On the flip side, Cardano’s slow but steady decline in total assets locked to roughly $76 million now places it in twenty-seventh place, behind Algorand (ALGO), Avalanche (AVAX), and Polygon (MATIC). Ethereum still leads the pack with $32 billion.
Dan G clashes with Brandt over priceDespite Dan G.’s optimism, futures analyst Peter Brandt predicts that ADA’s price will drop to sub-$0.30 levels later this year, following a descending triangle chart pattern that started in May 2022. Brandt advocates charting techniques promoted in the teachings of Robert D. Edwards, John Mageem, and W.H.C. Bassetti.
Earlier this year, ADA’s price showed bearish movement leading up to the Vasil hard fork. After the upgrade, the total value locked in DeFi applications rose by 6%.
Combining the long-term predictions of Dan G and Brandt means that in the short term, we can expect to see bearish movements peppered with spikes in TVL while the development team pushes toward the completion of the roadmap. Long-term, it may not reach $15, but historical price behavior suggests there may still be a substantial price increase.
At press time, ADA was trading at around $0.43, data from Coingecko shows.
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The post Cardano Price Prediction: ADA $15, Despite TVL Slumping to Yearly Low appeared first on BeInCrypto.
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