The post Though A Long Shot, Cardano Could Hit $500 Billion Market Cap, Analyst Reveals Why ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.

Advertisement &nbsp &nbsp Cardano (ADA) has seen a solid rebound since the Chang hard fork went live on the blockchain earlier this month. ADA traded at $0.383 at press time, with its 7-day gains at 15%. The bullish setup has stirred speculation about the start of a Cardano bull market. According to analyst Dan Gambardello, Cardano’s market capitalization could “realistically” rise to between $250 billion and $500 billion. For Cardano to make such a rally, it would need to follow Ethereum’s past cycles. However, that remains unlikely for ADA as it does not have the same first-mover advantage as Ethereum. The crypto market is saturated with a wide range of competitive blockchains. For Cardano to grow rapidly and possibly reach a $500 billion market cap, it would need to grow its market share significantly and outperform the other competing chains. Nevertheless, Gambardello notes that this growth remains likely if Cardano receives high adoption and positive narratives across the market. Advertisement &nbsp “While a $500 billion market cap is possible, especially if Cardano just lands the right deal, gets the right narrative, rides this crazy wave to $500 billion, what I would say is, and that is why I have the range here [$250 billion – $500 billion market cap], it’s a stretch,” the analyst stated. Is Cardano Ready for a Rally to $3? Cardano has seen a notable rise in buying momentum, as seen in the Relative Strength Index (RSI) metric, which stood at 62 at press time. This metric has been trending north over the past month, making higher highs. Despite the recent rally, ADA is not overbought, meaning there is still room for more growth. (Source: TradingView)  A look at Cardano’s 50-day and 100-day Exponential Moving Averages (EMAs) shows that the short-term and the medium-term sentiments have flipped…

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Filed under: News - @ September 25, 2024 9:24 pm