Cardano (ADA) kicked off a strong appreciation movement this week and left Bitcoin in the dust.
The original token for the smart contract platform has joined other alternative currencies that have reached new heights such as Ethereum, XRP and BNB.
On Friday (7), the ADA made big gains and set a new all-time record of $ 1.75. Now, analysts are placing $ 5 as their short-term target. Meanwhile, Bitcoin (BTC) continues to diverge, fueling the already moving altcoin scenario.
Cardano can jump 300%
Who is optimistic about Cardano is cryptocurrency trader Lark Davis. According to him, the smart contract platform is poised to rise by 300% compared to the current price.
As Davis pointed out, the Cardano network is soon to launch smart contracts.
If everything goes as planned, the launch will now happen, and for the trader, this could cause prices to rise rapidly.
Davis noted that this launch will put Cardano in a struggle over the decentralized finance (DeFi) and non-fungal currency (NFTs) markets.
“Cardano’s smart contracts in August are likely to double or triple the price before the event.” He said.
The analyst asks for caution
In January, Davis predicted Cardano is in the long run Will arrive Easily at $ 1.00. And it happened.
Now, he renewed his estimate and estimated that the cryptocurrency could reach $ 4.00 to $ 5.00 during the current cycle.
On the other hand, there are traders who are on the alert regarding the ADA due to its size as is the case with Scott Melker. The analyst advised investors to be careful not to buy into the hype.
“The thing I don’t like about the ADA now: There was a lot of volume, and now there isn’t,” he said.
Melket further stated that, against BTC, the ADA remains well below the historical maximum, which is a common characteristic of many altcoins, despite its US dollar performance.
Therefore, according to him, this could indicate a downward movement in the short term.
“Wannabe internet buff. Future teen idol. Hardcore zombie guru. Gamer. Avid creator. Entrepreneur. Bacon ninja.”