Though Cardano (ADA) continues to mirror the broader crypto market downturn, prominent crypto analysts have remained optimistic about the crypto project. In a recent interview, crypto analyst Hashoshi revealed his bullish stance on Cardano.
Hashoshi touted Cardano as better at solving problems than most Blockchain networks, adding that the continuous development of use cases and inflow of liquidity into the Cardano network will fuel ADA’s price rally.
Analyst Touts Cardano As The Leading Project In The Crypto Space
Cardano’s price trajectory recently has cast doubts among its community members and investors. The project has shed off most of its past gains as it succumbed to bearish pressure in the crypto market. The token lost over 16% from its past month’s gains with a more than 4% seven-day price decline.
Despite this bearish outlook, Hashoshi believes in the project’s future. During his interview, he emphasized that Cardano remains the leading network in the crypto space.
According to the analyst, the blockchain network has a high potential to soar in the future, even though growth and adoption have stalled.
Furthermore, Hashoshi explained that though some crypto enthusiasts may not like Cardano, its unique problem-solving approach sets it apart. This uniqueness has made the project popular in some crypto factions.
Hashoshi acknowledged that the crypto project had made a few bad decisions besides the good ones. Nonetheless, he is confident that Cardano has high recovery potential as Cardano has tackled design problems better than top projects like Algorand and Solana.
ADA’s price currently hovers at $0.25 in the daily chart. | Source: ADAUSD price chart from TradingView.com
ADA Could Recover To Surpass Previous Highs
According to Hashoshi, ADA’s price could skyrocket if all things remain equal and network conditions improve. In addition, Hashoshi cited the delayed release of Cardano’s smart contract capabilities as the culprit behind the network’s slow adoption rate. He blamed the delayed smart contract launch for the token’s negative price trajectory.
Nevertheless, the analyst believes Cardano’s design suits its future growth and will outpace other projects while dominating the crypto space. With more use cases and increased liquidity, Cardano’s ADA could soar to new highs, surpassing its previous all-time high. Hashoshi further noted that, unlike in the past, ADA’s future price rally would rely on utility, not mere speculations.
Meanwhile, Hashoshi isn’t the only analyst to project a bullish future trajectory for Cardano. In a recent development, analyst and founder of Crypto Capital Venture, Dan Gambardello, said the token has a long-term growth potential.
Gambardello compared Cardano with Amazon, labeling the project as the Amazon of the crypto space. In his analysis, he said ADA’s current situation is similar to Amazon’s stock price in 2001. Furthermore, he noted that Cardano’s improved smart contract capability, staking utility, and scalability would favor its future growth.
He identified ADA’s current price as an attractive entry point for investors as the token is poised to mirror Amazon stock’s price trajectory in the long term.
Featured image from Pixabay and chart from TradingView.com
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Author: Kent Glory
