Charles Hoskinson has revealed the “biggest area of growth” for the Cardano network as analysts forecast that ADA price could witness a massive surge towards $10. The bullish projections come despite Cardano price moving sideways in tandem with the broader crypto market.
Cardano trades at $0.716 today with a notable drop of 5.9% in 24 hours. Volatility seems to be spiking, with the price oscillating between a daily low of $0.71 and a daily high of $0.77.
Analyst Maps Cardano Price Surge to $10 as Hoskinson Reveals Key Growth Area
Cardano price remains under bearish pressure, but a recent statement by the network’s founder could stir positive sentiment. In a recent interview, Hoskinson revealed that Midnight, which is a Cardano sidechain allowing developers to build smart contracts, was the network’s “biggest area of growth.”
Hoskinson has previously acknowledged the potential of Midnight and its ability to support privacy-focused decentralized applications (dApps) while promoting blockchain development. Once this initiative achieves its full potential, it could bode well for ADA price.
The Cardano blockchain is already experiencing a significant uptick in activity despite the bearish trends in the broader crypto market. In the last seven days, Cardano has seen more than 4,700 commits or code updates, reinforcing its commitment to innovation.
Cardano Commits
Rising network activity bodes well for token prices. Therefore, the bullish Cardano price prediction of $10 is likely to occur if the network achieves unprecedented levels of adoption.
Can ADA Rally to $10?
A Cardano price rally to $10 is “very realistic” according to analyst Dan Gambardello. In his video analysis, he stated that Cardano had formed an inverse head and shoulders pattern on its one-week chart, which may precede a rally to the $5-$10 price range.
Per the analyst, a breakout from this pattern could ignite a parabolic rally for Cardano, which could see it attain a $350 billion market capitalization.
ADA/USDT: 1W Chart
A $350 billion market cap for ADA is realistic, as it is within Ethereum’s current market cap range. If ADA were to post this rally and outperform the rest of the market, it could potentially become the largest altcoin.
What’s Next for Cardano Price?
Cardano price has made a healthy bounce from the lower Bollinger band of its one-day chart to the middle band. The daily candle suggests that buyers may have lost momentum, and the price could retest support at $0.67.
Buyers need to jump in to turn the $0.75 resistance level into support. Doing this could clear the path for a rally to the upper Bollinger band at $0.83.
ADA/USDT: 1-day Chart
The Money Flow Index shows a bullish divergence due to its gradual rise despite the price decline. This suggests that despite the bearish momentum, selling pressure is weakening, which could precede an upward reversal.
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