Experts point out four factors that could help push Cardano price to $3

Amid Cardano’s recent woes, one prominent analyst has identified four key developments that could send ADA up 600% to $3 this year.

Cardano (ADA) has underperformed in the bull run of recent weeks and is struggling to break above the psychological level of $0.50. The ongoing market downturn exacerbated ADA’s woes, bringing it dangerously close to falling below $0.40.

Despite ADA’s continued retreat from the $1 mark, we remain optimistic about its prospects for the rest of the year. Well-known analyst Sebastian recently expressed his confidence that ADA could reach $3 this year.

It’s worth noting that $3 is approximately Cardano’s all-time high price, last reached at the peak of the 2021 bull run. ADA is currently trading at $0.4322, 86% lower than its all-time high of $3.10 in September 2021.

Reaching this threshold in 2024 would require ADA to surge more than 600% in the next six months. This is a challenging task, especially since Cardano has yet to see a rally of this magnitude in the current bull run. The analyst therefore bases his ambitious outlook on four upcoming developments within the Cardano ecosystem.

Four Factors Expected to Push Cardano to $3 by 2024

In this list, Cardano has recently partnered with multiple public administration entities in Argentina.

Cardano Argentina Collaboration

On June 5, the Cardano Foundation and Entre Ríos officially launched their partnership, led by Governor Rogelio Frigerio and Cardano’s business development officer Rafael Fraga. The collaboration aims to integrate blockchain technology into public administration and drive digital transformation.

Two days later, IOG chief of staff JJ Shearer signed a memorandum of understanding with the University of Buenos Aires. Aims to hold a constitutional convention to discuss blockchain applications through Cardano.

Specifically, these collaborations are expected to enhance Cardano’s adoption in Argentina by showcasing its real-world applications in public administration.

Chang Hard Fork

The Cardano Chang hard fork is being promoted as the most significant upgrade to the Cardano blockchain and is expected to be implemented this month. The hard fork is expected to usher in a new era of decentralized governance for Cardano.

It is worth noting that Cardano is in the Bashag era, with the introduction of Hydra. The next era was the Voltaire era, the final stage of its roadmap. This era focuses on full decentralization through community governance, where ADA holders can influence the future of the network. The Chang hard fork is the first step in this era.

New dApps and 1.5 billion ADA unlocked

Additionally, the analyst highlighted the launch of new dApps on Cardano and the expected unlocking of 1.5 billion ADA tokens from the treasury. These tokens will be used for ecosystem growth and adoption, which is a significant factor supporting Cardano’s potential rally to $3 this year.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include those of the author and do not necessarily reflect the views of The Crypto Basic. We encourage readers to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.