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09 October, 2024

Cardano’s Power Surge: 10x Stronger Now, Analyst Claims

09 October, 2024

Cardano (ADA) Gathers Steam: 10x More Powerful, Analyst Claims

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Cardano (ADA) continues to make waves in the crypto world, sparking debate among investors. Analyst Dan Gambardello recently shared a bullish outlook, proclaiming that Cardano is now 10 times more robust than in previous cycles. While long-term prospects appear promising, short-term market sentiment suggests a cautious approach.

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Gambardello highlights the shift to a fully decentralized, community-owned blockchain as a key driver of optimism. This crucial transition came about with the successful implementation of the Chang Upgrade on September 1. Gambardello believes this update has bolstered Cardano’s foundation, establishing it as a more stable and independent network.

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Cardano: 10x Stronger Than Last Cycle At This Moment. 🌐 Owned By Community ❌ IOG Burned Keys ⚡ Hydra Scaling 📈 Higher Market Cap Position 🤝 Massive Partnerships 🛡️ Unmatched L1 Security 💰 DeFi Ecosystem 🐻 Survived The Bear As Top 10 — Dan Gambardello (@cryptorecruitr) October 6, 2024

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Cardano’s Recent Advancements

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A significant step in Cardano’s complete transition to community governance was the decommissioning of its genesis keys. This milestone, spearheaded by Input Output Global (IOG), adds another layer of security and decentralization to the blockchain.

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According to Gambardello, these factors make Cardano’s network far more robust compared to earlier cycles. Furthermore, Cardano’s Hydra, a layer-2 scaling solution, enhances the network’s attractiveness. Hydra aims to boost transaction throughput while maintaining high levels of security and decentralization.

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This solution could give Cardano a competitive edge, especially in its pursuit of dominance against top networks like Ethereum. Scalability remains a significant hurdle for many blockchains.

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ADA Market Position

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Cardano has also witnessed a substantial increase in its market position. ADA ranked 12th in the crypto market with a market cap of $2.997 billion in 2020. Currently, Cardano boasts a market capitalization of $12.64 billion.

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Despite recent underperformance, Cardano’s resilience during the 2022 and 2023 market downturn has kept it within the top 10 for an extended period.

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Cardano (ADA) Price Forecast

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However, technical indicators suggest a cautious outlook for investors, with Cardano (ADA) currently in bearish territory. CoinCodex predicts that Cardano’s price will rise by 16.86% to over $0.412024 by November 7, 2024. Nevertheless, the Fear & Greed Index sits at 49, indicating a neutral sentiment even with this potential upward trajectory.

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Cardano’s price volatility has been at 5.70% with 60% positivity, showing 18 out of 30 days in the green over the past 30 days. Based on these factors, many analysts believe that now may not be the ideal time to invest in Cardano.

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While Cardano’s advancements and long-term prospects are encouraging, the short-term market conditions might warrant a wait-and-see approach.