One analyst insisted that Cardano’s 213% monthly rise is just a glimpse of his ultimate price target for the ninth-largest cryptocurrency by market capitalization.
Cardano has been one of the best performing high caliber assets. Assets exceeded monthly gain doubledwith its market cap closing on USDC, eighth.
Amid Cardano’s near-perfect release, renowned crypto expert Lark Davis speculated on new upside for the asset. In a recent comment, he claimed that the “Ethereum killer” would reach $10 this bull cycle.
Expert predicts Cardano surge 800% to $10
Davis insists it is not too late to stack Cardano despite the recent price surge. He made this statement on the basis that The altcoin has more unprecedented price territory to conquer in the ongoing bull cycle.
The expert highlighted that Cardano is enjoying strong macroeconomic momentum as the hype around the ecosystem has increased significantly. According to the commentary, the growing attention offers a way to Cardano needs to “run very hard, very fast.”
Meanwhile, Davis speculated that continuing this bullish surge would push Cardano around its all-time high of $3.16. From there, ADA would target a 332% upside to the 1.618 Fibonacci level at $4.80.
The analyst expects further upside from there, targeting a slight rise to the 2.618 Fibonacci level at $7.70. Finally, he envisions a “realistic” push towards the 3.618 Fibonacci level at $10.
Expert cites correlation between market dominance
Notably, Davis mentioned that Cardano had a 4% market dominance during the previous cycle. The analyst said that at the current market valuation, Cardano’s market capitalization would increase 10 times to around $370 billion to achieve this level of dominance.
Essentially, the tenfold increase in market cap would also translate into its price, pushing Cardano above $10. With the comment, Davis said his Fibonacci price level prediction matches Cardano’s market cap expectations.
Meanwhile, other analysts also predicted that Cardano would trade at $10. For context, Dan Gambardello speculated that ADA would surge to a price between $5 and $10 after consolidating above the $1 price mark.
Cardano On the move?
Meanwhile, on-chain activities suggest that Cardano is ready for its next step. Data from CoinMarketCap shows that Cardano reversed Binance Coin (BNB) in 24-hour trading volume, signaling growing interest from market participants in the asset.
Additionally, analyst Jake Wujastyk speculated that Cardano is ready for another ascendant launch. In a tweet Today, he shared a chart suggesting that Cardano is set for an impressive day, citing the “volume shelf” indicator.
Meanwhile, Cardano is trading at $1.11, up over 3% in the past 24 hours.
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