A popular analyst has recently made an audacious prediction that Cardano (ADA), the 8th largest crypto by market cap, could surge 10,689% to reach $31 in the long term.
While this projection has garnered attention, the analyst from the crypto YouTube channel Cheeky Crypto, also warned of potential short-term price drops for the altcoin.
As of now, ADA is currently trading at $0.2922, experiencing a 0.42% loss over the past 24 hours, according to CoinMarketCap. Despite this setback, the mentioned analyst remains bullish about Cardano (ADA) future prospects.
Basis of Bullish Prediction
The basis of the optimistic outlook stems from the remarkable growth in the total value locked (TVL) within the Cardano ecosystem, measured in Dollar (USD) terms.
Data from the DeFi analytics platform, DeFi Llama, reveals that the TVL has experienced significant growth throughout this year. This noteworthy statistic underscores the analyst’s confidence in Cardano’s potential.
Recently, Cardano’s TVL reached nearly 600 million ADA, leading the analyst to forecast a highly positive price movement in the coming weeks. The ambitious prediction of ADA climbing to $31 is an eye-catching target. However, the analyst did provide a more conservative upside target range of $3.48 to $10.50.
Despite the positive long-term projections, the analyst also cautioned about the possibility of further short-term price drops for ADA. He said the digital asset could still to $0.151 and $0.1817 price levels.
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Cardano (ADA) Possibility of Being Delisted on Coinbase
Coinbase CEO Brian Armstrong has said that the crypto trading platform may need to delist 13 digital tokens, including Cardano (ADA), as a result of a lawsuit filed against the crypto exchange by the U.S. Securities and Exchange Commission (SEC).
The SEC lawsuit alleges that these tokens, which form a small fraction of the 240 assets available on the platform, are unregistered securities.
In a recent interview with the financial times, Armstrong described the delisting of Cardano (ADA) and the other tokens as “the worst-case scenario” but downplayed the potential impact of such a move, suggesting that their delisting would not pose a substantial loss of revenue or present an existential crisis for the company.