Crypto Analyst Sebastian described why he believes Cardano (ADA) it could rise to as much as $3 this year. The developments highlighted by the analyst undoubtedly paint an optimistic picture for the crypto token. However, it remains to be seen how Cardano will react, given that it is currently one of the worst-performing crypto assets this year.
Why Cardano Price Is Expected to Hit $3 This Year
Sebastian mentioned in a publish four reasons why he believes Cardano will reach $3 this year. Firstly, he mentioned Cardano’s partnership with Argentina. The Cardano Foundation recently announced its partnership with Entre Ríos, the country’s central province. The measure aims to promote the adoption of blockchain in Argentina. The partnership also benefits ADA, as it will help the chain enter the Argentine market.
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Secondly, Sebastian mentioned the Chang Hard Fork as another reason why Cardano is about to hit $3 this year. This network upgrade is expected to usher in the “Voltaire” era of Cardano, with a focus on decentralized governance. Once this Chang Hard Fork occurs, the Cardano network will become more community-driven, which could help improve the Cardano ecosystem and further increase investor confidence.
Sebastian alluded to the launch of new decentralized applications (dApps) on Cardano as another reason why the crypto token could reach $3 this year. The launch of these dApps will help increase Cardano network activity and will ultimately positively impact the price of ADA as the cryptographic token will gain additional utility.
Lastly, Sebastian mentioned that 1.5 billion Cardano tokens will be unlocked for marketing and other investments. He believes that these funds can go a long way in promoting the Cardano ecosystem and attracting new users. However, some of his followers disagreed with him in this regard, noting that unlocking this significant amount of tokens would only put huge selling pressure in DA.
Cardano Chang Hard Fork is a “big deal”
Crypto Analyst and Cardano Bull Dan Gambardello recently commented that the Chang Hard Fork is a bid for the Cardano ecosystem, as the network will transform into “an ear for decentralized community governance.” The network upgrade is expected to go live later this month, with Gambardello stating that this is an excellent time for the altcoin season.
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Gambardello remained bullish on Cardano despite his unimpressive price action and even assured his followers that the crypto token’s current price action is normal. He stated that the ADA was in a similar position in the last bull run but it still registered a huge price in that market cycle. He expects something similar to happen again and suggested that ADA’s big move could come once the Altcoin season gets into full swing.
At the time of writing, ADA is trading at around $0.4, down more than 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com