While the overall crypto market is recovering, a renowned crypto analyst and trader is portraying his bullish stance toward a smart contract platform Cardano (ADA).
The analyst known as Guy, in his new strategy video predicts that Cardano has seen a rise of more than 50% since May, hence ADA is set to surge twice the current trading price.
He then says that if the upcoming Ethereum merger is not successful, traders and investors will easily move their focus toward Ethereum competitors. As per Guy, in recent days Cardano’s native token ADA is posing as a hedge if anything goes wrong with the Merge. He feels, that if that happens, Cardano’s ADA upgrade will push the currency’s price.
Then the analyst claims that with Ethereum’s merge in mid-September and Cardano’s Vasil hard fork happening a week later, might see bulls taking ADA price towards $1.
At the time of reporting, Cardano is selling at $0.51 after a surge of nearly 4% in the last 24hrs.
He means that given ADA’s price movement in terms of fiat and ETH, it could translate to a 2x step in the near to medium term, which is a reasonable estimate.
In terms of Cardano’s long-term trading, Guy says that it all depends on ADA’s scheduled upgrade as the currency’s price will not just be affected by ETH Merge and Vasil hard fork, even other developments could affect the price run.