Cardano (ADA) Expected To Spike By 2000% to the $8 Price Mark; Is It Achievable?

Over the past week, Cardano has been struggling with significant bearish pressure. According to CoinMarketCap, Cardano (ADA) has lost 11.75% of its price in the past week and 7% in the last 24 hours.

Despite this downturn, several analysts are bullish on Cardano, with some forecasting a 200% surge to a high of $8 for the coin. But the question is: Can ADA surge this far, or is it just another effort to hype the token?

Cardano (ADA) Recent Price Action

Cardano (ADA) has been in a downtrend since May 20; the falling blue lines confirm this. The 4-hour chart above shows that ADA lost over 14% of its value in less than two weeks.

However, on June 7, ADA rose from a low of $0.44, breaking above the bearish trendline to $0.49. Unfortunately, it couldn't hold against the selling pressure and declined again.

As the selling pressure persisted, ADA fell below the bearish trendline and still plays underneath this level. Nevertheless, analysts remain hopeful for a recovery. They believe ADA has the potential to bounce back.

Cardano Price Eyes The $2 Mark: Analyst Points to Upcoming Chang Upgrade as Catalyst

In a recent X post, seasoned crypto analyst Sebastian says Cardano's price will rally significantly soon. Sebastian believes the likelihood of ADA surging over 300% to $2 by August following the upcoming Chang upgrade is high.

Sebastian cited past network upgrades that triggered significant ADA price spikes. A notable example is the 2021 Alonzo hard fork, which saw ADA's price surge from $0.2 to $3.1 within a year.

Sebastian believes the upcoming Chang upgrade will similarly impact ADA's price.The initial phase of the upgrade is set for June, but all nodes are anticipated to be fully active by August. Based on this, the analyst predicts ADA will rise 370% to $2 by August.

In another post, Sebastian said ADA could even touch $10 in this bullish cycle. Besides Sebastian, Telegaon, a well-regarded crypto prediction platform, says ADA could reach $9.08 by 2030.

Such an ambitious projection could boost investor confidence, drive demand, and boost the price of ADA.

However, while these forecasts paint a bullish picture, the crypto market remains highly unpredictable and can deviate from touted trajectories. So, investors should always conduct their research before making any investment decisions.

Cardano Receives Inflows Amid Market Shifts

A recent CoinShares report revealed that total crypto asset outflows reached $600 million, the highest since March 22, 2024.Reports highlight that this bearish outlook was due to the US Fed's hawkish-than-expected stance on inflation. As a result, many investors sold fixed-supply assets like Bitcoin.

Bitcoin led the outflows, with $621 million being withdrawn. While Bitcoin saw significant outflows, altcoins like Cardano experienced inflows. Cardano attracted $0.7 million in new investments.

This marks a significant change from the previous week's trend, where Cardano saw no inflows while the broader altcoin market remained inactive. This observation suggests that investor interest in Cardano is rising, which could boost its price and market share.

ADA Price Analysis - Strong Bearish Sentiment Signals Caution for Investors

ADA is currently in a strong bearish trend, as indicated on the 4-hour chart.The token trades below the 50-day and 200-day SMA indicators, and the MACD is below the signal line with red histogram bars, suggesting high selling momentum.

Moreover, the price has fallen below the trendline, indicating the bearish trend may continue in the short term.Investors considering ADA might want to wait for a price reversal before buying.

While we await ADA to find the next nearest support, PlayDoge, a Play-to-Earn meme coin project with 10X potential, may be worth considering.

Cardano Alternative: PlayDoge Presale Nears $5 Million Target

As investors search for 10X projects, their attention is now on this new project, PlayDoge ($PLAY). Launched only a few weeks ago, PlayDoge has raised more than $4.7 million in its presale and is only a few inches from hitting its $5.3 million hard cap.

This feat underscores a robust investor interest and confidence in PlayDoge's growth potential.PlayDoge ($PLAY) stands out with its rewarding staking program and P2E gaming utility, rapidly gaining attention among memes and game enthusiasts.

PlayDoge ($PLAY) Standout in the GamiFi Sector with its P2E and Staking Feature

Users can earn handsomely by caring for virtual Doge pets, similar to the old Tamagotchi game. These pets are kept on the blockchain and by caring well for them, players can earn $PLAY tokens.

The more a user plays the game, the more reward the person gets. Moreover, you can stake this token for even more rewards. Staking is another exciting feature within the ecosystem. By staking your PLAY coins, you can earn up to 158% APY of your investment.

Remember that this percentage will reduce as more tokens are being staked. So, you might want to act fast to avoid missing out.

PlayDoge is gearing up to be the next crypto moonshot, and analysts foresee significant growth potential. Leveraging the booming gaming market and meme coin popularity, PlayDoge could become a top contender in the GameFi industry.

Interested investors can purchase the token now at $0.00509 before the price increases. To participate, visit the official page and follow the guidelines.

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