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Crypto Analyst Predicts Cardano (ADA) to Hit $5. Will It?

  • Crypto analyst Lark Davis predicts that Cardano (ADA) will reach $1 soon. He also says it may reach $4 or $5.
  • Davis credits his prediction to the upcoming Goguen upgrade of the Cardano blockchain.
  • While Cardano is one of the best cryptocurrencies to invest in 2021, Davis’ prediction is a long shot, technical analysis-wise.

Crypto analyst Lark Davis, who uses Twitter handle @cryptolark, predicts that Cardano (ADA) will reach $1 soon. Also, he claims that ADA might reach $4 or $5 as well.

Davis attributes his ADA prediction to Cardano’s implementation of smart contracts. This is part of the so-called Goguen era in its roadmap. With the upcoming upgrade, Cardano will enable developers to create decentralized applications (DApps) on its blockchain.

Goguen’s development has been in the pipeline since last year. In fact, Cardano developers have been very busy on Github, a popular repository for programmers. Hence, Davis’ hyper bullish prediction based on fundamental analysis.

Taking technical analysis into consideration, Davis’ prediction may be a long shot. Currently, ADA’s recent highest price is $0.35. It may take a while before ADA arrives at a position to challenge the $1 psychological resistance.

ADA 4-hour chart from December 2020 - present
ADA 4-hour chart from December 2020 – present (source: TradingView)

However, the crypto community will not be surprised if ADA makes another climb in a couple of month’s time. As shown in the chart above, ADA began its surge immediately at the start of 2021.

But is this enough to satisfy anyone who is curious whether ADA is a good cryptocurrency to invest in 2021? Let’s see further in this ADA price analysis.

Read also: Cardano (ADA) Price Prediction and Price Analysis 2021

Interestingly, ADA makes an ascending triangle. This is a well-known bullish sign, which means that a breakout will happen almost immediately after the triangle. With this, we can expect ADA to make even higher price leaps this 2021.

ADA 1-hour chart
ADA 1-hour chart (source: TradingView)

For ADA to break out, it needs to convert the $0.33 resistance level into support. This will confirm that the bull run will commence.

The current RSI at 44 shows that ADA has enough space for it to prepare for its run. However, it also shows that a lot of traders are selling their ADA. We can assume that these are retail traders and not institutional investors, as there aren’t a lot of wild price swings lately.

Conclusion

To be sure, ADA is one of the best cryptocurrencies to invest in 2021. However, it has yet to show to the world, historically speaking, that it will reach $5 anytime soon. If the current crypto rally continues until the release of Goguen, Davis’ prediction may indeed come to pass. But if not, then Cardano supporters would be really happy if it ever hits the price of $1 per ADA.

Read Also: Cardano (ADA) Price Prediction and Price Analysis 2021

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Jesus

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.

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