Cardano $1.1 ADA’s rise to a three-year high in recent months has created a positive impact among skeptics of the project, analyst Dan Gambardello said. The increase in the price of ADA caused the project to attract attention and be followed closely by critics.
Effects of the Rise in ADA Price
According to Dan Gambardello, the price of ADA has increased from $0.32 to $1.3 in the last month, an increase of 306%. This increase showed that Cardano has become unignorable by large investors.
“The sudden Cardano move from .32 to $1.30 woke a lot of people up. Major influencers quickly realized they can’t continue negative coverage. They know they’d look silly through the bull market as ADA keeps pumping. Now they’re bullish because they’ve fallen in line.” – Dan Gambardello
Gambardello stated that thanks to this growth, big influencers will no longer be able to maintain their negative views on the asset. He argued that if the price of ADA continues to rise, critics’ attitudes will change.
Expectations and Obstacles within the Project
Although Cardano has faced various challenges in recent years, it continues to innovate technologically. A notice from the Cardano Foundation raised questions about the effectiveness of the organization.
Allegations that the Foundation is working incompatibly with Input Output Global (IOG) and other founders create uncertainty about the future of the project’s decentralized efforts. However, Cardano’s technological advances, such as Hydra testing and scalability improvements, maintain positive expectations for the future of ADA.
Analysts like Dan Gambardello think ADA’s future will be bright thanks to its technological advances. Despite the challenges the project faces, the price remains potential to rise as high as $2 in the future.
The sudden price increase in Cardano’s ADA both strengthened its supporters and increased confidence in the project. However, although some problems within the organization raise concerns about the sustainability of the project, technological innovations alleviate these concerns to some extent.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
