Rumors Could Trigger Cardano Bull Run: Analyst

2024-03-15 03:33:37

(MENAFN- eTrendy Stock) According to analysts from Crypto Capital Venture, anticipation for new developments has stirred a palpable sense of excitement among investors and enthusiasts alike, potentially catalyzing the next Cardano (ADA) bull run.

The analysts draw parallels between the current and previous market cycles, noting significant technical similarities hinting at a bullish future for ADA. Rumors of new Cardano announcements have since made headlines amid recent market events.

In line with the forecasts, Dan Gambardello, the founder of the Crypto Capital Venture, additionally highlighted on X that Cardano's last cycle compared to the current, speculating a repeat in history. The previous cycle saw Bitcoin (BTC) hit a new all-time high, with ADA showing choppy conditions before a breakout.

What's coming for Cardano?

Among these expected developments is the launch of a USDM fiat-backed stablecoin and potential integration with USD Coin (USDC), sparking widespread speculation. Furthermore, the imminent listing of ADA on centralized exchanges and the announcement of a midnight airdrop are adding to the fervor.

Conversely, the Swiss SIX Exchange recently launched Cardano staking Exchange-Traded Product (ETP) by Liquid. The product, dubbed CSAL, offers investors the dual benefits of ADA performance and returns generated from staking.

With ADA's Total Value Locked (TVL) rising and the ecosystem bustling with activity, the anticipation for what's next is high. Cardano's TVL has increased significantly this year, reaching around $600M to surpass previous highs.

However, despite the calls, ADA's session today hasn't been quite pleasant. ADA was trading at $0.7148 as of 6:32 p.m. UTC, representing a 4.8% drop in the last 24 hours. ADA's market cap also saw a 4.95% drop within the same period to stand at $25,425,505,073 as per stats from CoinMarketCap. With Rick McCracken, a notable figure in the community, laying out Cardano's ambitions in 2024, it is interesting to see how this will affect the prices.

MENAFN15032024007158015398ID1107983683

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.