Cardano Poised for 300% Surge: Analyst Forecasts ADA to Hit $1.70

Cardano

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  • Cardano ADA’s current consolidation phase, highlighted by analyst Ali Martinez, could precede a surge toward the $1.7 mark.
  • Cardano’s recent developments, including significant growth in smart contract development and user activity, underscore its expansion and reach.

Cardano’s native cryptocurrency ADA has been under selling pressure lately while slipping under Dogecoin and Toncoin in the top ten crypto list. The Cardano (ADA) price has slipped under $0.60, however, some market analysts believe that we could be seeing a trend reversal anytime soon.

Cardano ($ADA) has experienced a recent decline in price, shedding 19.2% of its value over the past 30 days amid a broader downturn in the cryptocurrency market. Despite this, analysts suggest that it is positioned appropriately for a potential upward trend, per the Crypto News Flash report.

On the social media platform X (formerly Twitter), cryptocurrency analyst Ali Martinez highlighted Cardano’s price behavior, likening it to patterns observed between 2018 and 2021. Martinez indicated that if this fractal pattern persists, ADA may continue consolidating within the $0.55 to $0.80 range for the time being.

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As of the latest update, Cardano is trading at $0.58 per token. Martinez predicts that this consolidation phase could extend for weeks before witnessing a surge towards the $1.7 level. Following this, another consolidation period is likely before a potential breakout to $5.

In a recent update, Martinez reiterated that Cardano’s current position is in line with expectations, emphasizing that ADA is consolidating before its projected breakout towards $1.7.

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Cardano Key Developments

Cardano’s smart contract development has surged recently, with data from Cardano Blockchain Insights revealing a remarkable increase of over 170% in Plutus scripts since the year began.

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Plutus, the network’s language for constructing smart contracts, prioritizes security and reliability, drawing from principles of functional programming. Plutus V2 introduces additional features, including reduced transaction sizes and costs, as well as a more adaptable and scalable framework for application development.

Beyond smart contracts, Cardano has experienced notable growth in user activity, with active wallet addresses reaching a one-year peak of over 600,000 in the last 30 days, marking a nearly 40% surge during that period. furthermore, as reported by Crypto News Flash, Cardano is also gearing up for major upgrades such as Chang Hard Fork and Ouroboros Leios Upgrade.

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In a bid to expand its network’s accessibility, EMURGO, a founding member of Cardano, has partnered with Huawei Cloud, a prominent cloud computing platform, to enrich web3 services and promote ADA’s expansion.

EMURGO, a strategic partner of Cardano, has affirmed its commitment to fortifying the blockchain by leveraging Huawei’s cloud infrastructure to facilitate the adoption of web3 technologies in Africa and the Asia-Pacific region.

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As part of the collaboration, EMURGO will establish an ADA validator Node on Huawei’s infrastructure, aiming to stimulate growth and encourage the adoption of web3 technologies across Asia Pacific and Africa. Developers within the Cardano ecosystem will leverage Huawei’s cloud infrastructure and extensive computing resources to develop innovative web3 solutions, further enhancing the platform’s capabilities

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