An analyst has insisted that the 213% Cardano monthly surge is only a glimpse of his ultimate price target for the ninth-largest cryptocurrency by market cap.
Cardano has been one of the best-performing high-caliber assets. The asset has pulled an over twofold monthly gain, with its market cap closing down on eighth-placed USDC.
Amidst Cardano’s near-perfect outing, notable crypto pundit Lark Davis has speculated further upsides for the asset. In a recent commentary, he asserted that the “Ethereum killer” would attain $10 this bull cycle.
Pundit Predicts an 800% Cardano Push to $10
Davis insists it is not too late to stack Cardano despite the recent price upsurge. He made this claim on the basis that the altcoin has further unprecedented price territories to conquer in the ongoing bull cycle.
The pundit emphasized that Cardano is getting a strong macroeconomic boost as the hype around the ecosystem has surged substantially. Per the commentary, the growing attention provides an avenue for Cardano to “run real hard, real fast.”
Meanwhile, Davis speculated that the continuation of this bullish upsurge would push Cardano to around its all-time high of $3.16. From there, ADA would target a 332% surge to the 1.618 Fibonacci level at $4.80.
The analyst expects more upsides from there, aiming for an uptick to the 2.618 Fibonacci level at $7.70. Finally, he sees a “realistic” push to the 3.618 Fibonacci level at $10.
Pundit Cites Market Dominance Correlation
Notably, Davis mentioned that Cardano had a 4% market dominance in the previous cycle. The analyst stated that, at the current market valuation, Cardano’s market cap would surge 10x to around $370 billion to attain this dominance level.
Essentially, the tenfold market cap boost would also translate to its price, pushing Cardano to above $10. With the commentary, Davis stated that his Fibonacci price level prediction aligns with Cardano’s market cap expectations.
Meanwhile, other analysts have also predicted that Cardano would trade at $10. For context, Dan Gambardello speculated that ADA would surge to a price between $5 and $10 after consolidating above the $1 price mark.
Cardano On the Move?
Meanwhile, on-chain activities suggest Cardano is ready for its next leg up. Data from CoinMarketCap shows that Cardano has flipped Binance Coin (BNB) in 24-hour trading volume, signaling surging interest among market participants towards the asset.
Furthermore, analyst Jake Wujastyk speculated that Cardano is ready for another upward launch. In a tweet today, he shared a chart suggesting Cardano is up for an impressive day, citing the “volume shelf” indicator.
In the meantime, Cardano trades at $1.11, up over 3% in the past 24 hours.
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