A top analyst has identified a recent relationship Cardano has with two of the top three cryptocurrencies as a catalyst for its growth.
Specifically, Tim Warren, an analyst on the Investing Broz show, has tipped Cardano to thrive off its new bromance with XRP and Bitcoin. Speaking on the YouTube podcast on June 3, he insisted that ADA could be one of the biggest movers in the altcoin season, potentially becoming a top-five coin.
Meanwhile, the commentary follows Cardano’s show of strength, joining a broader market trend. ADA, like most other cryptocurrencies, dropped amid the feud between Donald Trump and Elon Musk but has rebounded 7% from its lows of $0.619 on Thursday.
Cardano to Explode with Recent Partnerships
Cardano and its founder, Charles Hoskinson, have been strategic with their recent activities. The team behind the layer 1 network is not just building; it is forming strategic relationships with other chains.
Among them are Bitcoin and Ripple. Hoskinson has turned things around with the XRP community and has recently allied with Ripple, a fintech company and a major contributor to the XRP ecosystem.
He has reiterated several times that he is in contact with Ripple CEO Brad Garlinghouse and has a good relationship with the company. Notably, Ripple released a video featuring Cardano’s logo in the intro, sparking speculation that something could be in the pipeline.
Meanwhile, Cardano has sought ways to unlock trillions of dollars of liquidity from the Bitcoin network. Through strategic partnerships and the recent launches on the Lace wallet, it is finally bridging DeFi functionalities to Bitcoin.
Warren insisted that Cardano could leverage not only the liquidity from the impending Reeve upgrade but also from its DeFi venture on the XRP and Bitcoin ecosystems to perform exceptionally in the altcoin season. The partnerships would also boost Cardano’s total value locked (TVL), draw developer traction, and push ADA to a potential top-five coin.
Notably, for ADA to break into the top five cryptocurrencies by market cap at its current standing, its market cap would have to grow by an impressive 288%, pushing prices to nearly $2.6.
Cardano to $1 in June
For context, Warren highlighted that Cardano is one of the few coins still under a buy signal on the weekly chart, presenting a favorable buying opportunity. However, he stressed that bullish momentum, sparked by positive money flows and reversal signals, is emerging on the Cardano chart.
Furthermore, he highlighted Cardano’s rebound from the 0.50 Fibonacci level at $0.66, indicating strong bullish momentum. While ADA dropped below the level on Thursday, it has reclaimed the Fibonacci extension, reestablishing confidence that prices could escalate from here.
With the momentum, Warren expects ADA to take off this June, predicting a reclaim of the $1 price. From its current price of $0.669, the token would need to rally by 49% to reach the target price mark.
Interestingly, other analysts also believe Cardano’s new cross-chain partnerships would push prices higher. Ssebi recently predicted $10 for ADA this year, citing Cardano’s partnership with Bitcoin among other factors.
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