Cardano has worked very hard to reach the $2 mark, and the crypto is working even harder to achieve $5, as many analysts believe it will.
With the dominance of Bitcoin dropping by the day, it may now be time for the altcoin season to really get going – we are already witnessing several altcoins reach all-time highs.
Even though the crypto space currently looks bearish, some analysts like Michael van de Poppe are hopeful that Cardano will maintain their bull run alongside other currencies, and possibly take the lead from bitcoin in the crypto market.
I think yes.
— Michaël van de Poppe (@CryptoMichNL) May 5, 2021
Can Cardano reach $5?
A growing body of analysis on Cardano shows that the cryptocurrency may breakout to reach the $5 mark soon.
According to the founder of Cardano, Charles Hoskinson, ADA demonstrates a positive price trend because the Cardano network will soon outperform Ethereum and Bitcoin. However, Hoskinson did not give a specific future valuation for the token.
Cardano has been giving Ethereum a run for its money because of its scalability, speed, and low gas fees. The platform is becoming a preferred option for DeFi developers turning away from Ethereum because of its high costs and transaction lags.
Another reason why ADA could reach the $5 mark is because of the implementation of the Mary upgrade. The upgrade is expected to transform Cardano into a multi-asset blockchain. It will also allow users to create NFTs for the very first time on the platform. The upgrade is expected to push the value of Cardano higher as more users sign up on the platform.
Looking at the price movement of Cardano, it is also evident that the token may be heading for an all-time high (ATH). Cardano closed the previous week, indicating a bullish trend. Currently, the price of ADA has broken the $2 upper barrier, which means that lower support levels will also need maintenance.
According to Rekt Capital, a cryptocurrency trader and analyst, ADA is likely to breakthrough and soon form a new ATH.
Looking at ADA’s price movements in recent weeks, the token has gained by a significant percentage. This is expected to progress into the future as people start looking for altcoins to escape from the bearish Bitcoin rally. As it has already smashed the $2 value, the $5 value is not too far away.
Another analyst that has also shown optimism regarding ADA prices is Cryptogeek. According to the firm, Cardano’s price will appreciate and hit $4 and $5 values by 2023 and possibly $10 by 2025.
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