As the overall crypto market rallies, a renowned crypto analyst and trader outlines his bullish stance towards a Cardano (ADA) smart contract platform.
The analyst known as Guy, in his new strategy video predicts that Cardano has seen an increase of more than 50% since May, so ADA should increase twice from the current trading price.
He then says that if the upcoming Ethereum merger is not successful, traders and investors will easily focus on Ethereum’s competitors. According to Guy, for the past few days, Cardano’s native token, ADA, has been presenting itself as a hedge in case something goes wrong with the merger. He believes that if this happens, Cardano’s ADA upgrade will push the price of the currency up.
Next, the analyst claims that with the Ethereum merger in mid-September and Cardano’s Vasil hard fork occurring a week later, the bulls could take the price of ADA towards $1.
At the time of writing, Cardano is selling at $0.51 after rising nearly 4% in the last 24 hours.
He means that given the price movement of ADA in terms of fiat and ETH, this could result in a 2x step in the short to medium term, which is a reasonable estimate.
Regarding long term Cardano trading, Guy says it all depends on the planned ADA upgrade, as the price of the currency will not only be affected by ETH Merge and Vasil hard fork, even others developments could affect the price run.