Cardano bitcoin-news/analyst-expects-bullish-trend-for-bitcoin–ethereum-and-cardano/” rel=”nofollow noopener” target=”_blank”>growth in the last two months has been extended to the first 10 days of December. At the time of writing, Cardano is up 48% since the beginning of the month. While the price has steadily increased, the Cardano ecosystem has grown in adoption and on the backend.
On his latest Cardano weekly development report, the Cardano team detailed how developers are working on updates, while also showing an increase in project development in the ecosystem and token metrics. Considering the current state of its ecosystem, a recent prediction by crypto analyst Psyclops has noted that Cardano (ADA) is set to rise to $10 in the next bull market.
Analyst Psyclops Predicts Cardano Price to Hit $10
crypto analyst Psyclops noted in a social media post on 2021. However, Cardano's latest weekly report shows that blockchain has come a long way in terms of developing and launching smart contracts on the network.
The report summarizes how Cardano developers have worked hard to improve the network infrastructure and the accumulated statistics of the blockchain network to date. For example, Cardano's Plutus smart contract backend application has seen mature growth since its launch, and developers are now working on an update to its Marconi indexing.
Additionally, developers recently ran the first Conway benchmarks and implemented the initial version of Conway conformance tests to get better performance on their blockchain ledgers.
In terms of metrics, the report reveals that 152 projects have been launched on the blockchain network and 1,307 more are still in development, reflecting an expanding ecosystem. More than 9.1 million native tokens circulate within the ecosystem and more than 79.7 million transactions completed.
Psyclops also noted the difference in the Cardano ecosystem now, as the network now hosts a massive ecosystem of DeFi, RealFi, and utility NFTs. DeFiLlama Data shows that Cardano's TVL is now at $373.94 million, up +37.14% over a 7-day period. This metric growth, in addition to an increase in network activity, points to sustained price growth soon.
ADA price at $0.55 | Source: ADAUSD on Tradingview.com
According to Psyclops, Cardano's recent price surge to the $0.50-0.60 level is not worth celebrating as the market is not yet in a full-fledged crypto bull run. His statement, which is based solely on fundamental analysis of the ecosystem, suggests that ADA could be trading at $10 very soon, an increase of 1.697% from the current price of $0.5564.
Last bull run, Cardano completely bombed SCs. They arrived too late and there were no contracts ready to go. Not even a DEX that works a little.
AND $ADA It came to $3.
We're not even on the next bull and have a massive DeFi, RealFi, and utility nft ecosystem up and running. Celebrating and… pic.twitter.com/1AxIW2UlU2
– Psyclops (@psychADAlias) December 9, 2023
$10 seems like an ambitious goal for ADA, but resonates with a crypto-market-experts-predict-when-cardano-ada-price-will-cross-7/” rel=”nofollow noopener” target=”_blank”>Changelly's recent prediction. ADA is currently down 3.73% in the last 24 hours, although it continues to rise by 45.60% within a period of 30 days. However, cryptanalyst Ali Martínez warned about the appearance of sell signals on both the 3-day and 1-day chart time frames.
Featured image from Coinpedia, chart from Tradingview.com
