Cryptocurrency analyst Ben Armstrong believes Cardano’s ADA is on the verge of a significant bull run. Armstrong based his ADA rally projection on the increasing public notoriety of ongoing activities in the blockchain network.
Although Armstrong could not specify if the Cardano team is deliberately orchestrating the surge in awareness, he is confident it is a trend that would positively affect ADA’s price. In a recently uploaded video, the famous analyst noted historical data shows a significant ADA move usually follows such developments in the Cardano ecosystem.
Armstrong highlighted the newly launched fiat-backed stablecoin (USDM) on Cardano as one of the various activities behind Cardano’s increasing vibe. He described it as a “first of a kind” on the Cardano network, noting it could remove Cardano’s struggles as a decentralized finance (DeFi) ecosystem.
The analyst considers the USDM launch a significant milestone in Cardano’s evolution. He believes it would provide security, scalability, and sustainability to decentralized applications (DApps) on the Cardano network.
Continuing his analysis, Armstrong cited Charles Hoskinson, Cardano’s CEO, addressing issues surrounding Hydra as another public notoriety event. He highlighted Hoskinson’s focus on assuring the Cardano community that the Hydra project is ongoing and would significantly increase the network’s efficiency.
Armstrong spotted Ali Martinez’s price analysis, which predicted a $5 price for ADA. He quoted the top analyst as having projected an ADA consolidation between $0.55 and $0.80 in the coming weeks.
According to Armstrong’s revelation, Martinez expects ADA to rally to $1.70 after the initial consolidation before continuing its journey toward $5. Meanwhile, ADA traded for $0.614 at the time of writing this article after pulling back from a recent swing high of $0.81, according to data from TradingView.
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