The Cardano ecosystem has received some big headlines weakening the bear cycle. There is no doubt that Cardano is a top altcoin, and the crypto community is showing great interest in ADA as the blockchain is on the verge of becoming a smart contract compatible with the Alonzo update scheduled for next month.
Read: Cardano Founder Update On Alonzo
If we look at Cardano ecosystem, there is so much going on. In Cardano Foundation Long Term Plans, foundation announced to Onboard Ten Fortune 500 Companies,1 Billion Users, And 50 Banks in five years.
Read:Â Cardano Foundation Long Term Plans
Recently Grayscale that is Leader in Digital Currency Investing announced that they have added Cardano to there Crypto trusts and Cardano became the Grayscale third-biggest holding with a 4.26 percent share, only behind BTC and ETH.
Read:Â Grayscale Adds Cardano To Their Product Family
Also Cardano is the leading the stake able digital assets in front of ETH 2.0, Polkadot and all others, with more than 70 percent of total cardano supply locked in ADA network for staking.
As all eyes have turned to the fifth rank altcoin, popular crypto analyst Nicholas Merten also turned his attention towards Cardano. Nicholas Merten also known as DataDash is a well know You tuber with above 462k YouTube followers. He has been in crypto since early 2012 and is widely known for his crypto analysis.
Merten, in a recent Youtube video, “Cardano | Is It Set For A Supercycle?” identified one critical catalyst that he says should push Cardano to new all-time highs.
According to Merten, Cardano strong price surge is just one bullish catalyst away:
“Gotta say, this chart (ADA/USDT) looks good, and it shows me in this general case that over the next couple of weeks to the next two months that there’s going to be some catalyst that’s going to carry price higher.”
Merten said that the bullish point that will push ADA price to a new all-time high is the completion of Goguen. The Goguen update enables Cardano to integrate smart contracts capability. According to Merten, this is a highly-anticipated development that can push Cardano to greater heights against USD, BTC, and ETH.
Read: Cardano Price Analysis: ADA Bulls Need To Show Up As Bears Are Defending $1.45 Resistance
He said:
“So with this potential launch in August, this is the perfect macro-catalyst to leapfrog all of these charts, to get market dominance climbing up to higher single digital territory, to get ADA/ETH starting to build up for that next breakout to revisit those highs and maybe claim an even higher point in the ratio. ADA is climbing to $3, even as high as $5, into the later stages of the bull market.”Â
He further said:
“This is probably the most conservative element here if we’re just following the higher lows and higher highs for the dollar chart.”
He also highlighted that investors have a deep interest in Cardano and are waiting anxiously for Cardno to perform.
“Now it’s finally time to see the materialization of that hard work. It is, in my opinion, now or never. Cardano is in the spotlight here. It’s got a lot riding on it, and investors are waiting to see it.”
Watch Video:
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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