Cardano price looks ready to retest $2.50 with rising scale of adoption
- Cardano founder believes that the “Ethereum-killer” blockchain will be used by billions.
- Cardano’s on-chain activity has increased as the altcoin’s social dominance rises.
- Analysts are bullish on Cardano price, believe that downtrend has ended and the altcoin is ready to retest $2.50.
“Ethereum-killer” Cardano has witnessed a spike in adoption as the on-chain activity in the network increases. Analysts have predicted a rally in Cardano price, setting a target of $2.50 for the altcoin.
Cardano prepares for a bull run amidst rising adoption
Cardano founder Charles Hoskinson believes that projects like Ethereum-killer ADA on the blockchain will eventually be “as ubiquitous as the internet and be used by billions in the future.”
Hoskinson is bullish on Cardano’s adoption. The Cardano founder is of the opinion that despite slow upgrades in the ecosystem, the blockchain is making progress toward mass adoption. There is less hype and more upgrades in the Cardano ecosystem, according to Hoskinson.
In a recent blog post, Hoskinson wrote:
Our view is that these protocols will be as ubiquitous as the internet…This scale of adoption will take years to decades, not weeks to months, and won’t be a meme.
Analysts are bullish on Cardano. @Ezy_Bitcoin, a pseudonymous cryptocurrency analyst evaluated Cardano price trend and noted another leg down. The analyst believes that Cardano price trend is forming a head-and-shoulders pattern, which is considered bullish for the altcoin.
$ADA, one more leg down. But looks like the right shoulder is forming (head and shoulders pattern) pic.twitter.com/FViQULGgpu
— Ezy Bitcoin (@EzyBitcoin) December 16, 2021
Despite offering negative three-month returns to holders, Cardano price looks ready to climb higher. Cryptocurrency analysts at the YouTube channel Crypto Krystian have a bullish outlook on Cardano price.
The analysts believe that Cardano broke out to an important price level of $1.33. Crypto Krystian analysts predicted an uptrend in Cardano.
FXStreet analysts are of the opinion that Cardano could enjoy explosive upside potential once the price breaks $1.50.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
