Analyst Highlights Bullish Cardano Play: ADA to $0.50?

• Cardano (ADA) will soon rally to the $0.50 price region, said a prominent analyst.
• Whales have moved 19.5 billion ADA worth $6.48 billion in the past 24 hours.
• Cardano will also see the integration of its first gold-backed token, XNK.

ADA, the native token of Ethereum rival Cardano, is on track to rally to $0.50, according to a crypto analyst. This prediction comes as whales have moved a massive 19.5 billion ADA, worth $6.48 billion, in the past 24 hours, potentially signaling increased volatility ahead.

In an X post (formerly Twitter), the analyst stated that a combination of substantial ADA whale movements and the gold tokenization project launched by EMURGO, a blockchain firm focused on Cardano’s adoption, in partnership with Kinka Gold (XNK), will likely drive the ADA price upwards to $0.50.

EMURGO will act as Cardano’s technology partner as the blockchain integrates its first major gold-backed token, XNK, into its ecosystem. XNK is backed by high-quality Japanese gold that meets the highest LBMA standards and is stored in secure, bankruptcy-remote vaults.

Additionally, EMURGO has partnered with Zilliqa, and the two plan to enhance interoperability, liquidity, and security between the two leading blockchain networks. Liquidity channels will be established between the two networks to facilitate transactions.

ADA’s Potential Comeback

According to CoinMarketCap data, ADA is trading at $0.3462 at the time of writing, up 3.71% in the past 24 hours. However, the cryptocurrency is down 88.81% from its all-time high of $3.10 reached on September 2, 2021, during the previous crypto market bull run.

Read also: ADA Holders Gain Voting Power in Cardano’s Latest Upgrade

Notably, prominent analyst and Cardano bull, Dan Gambardello, recently predicted that the leading altcoin will skyrocket to the $0.55 price level. Currently ranked as the 11th-largest cryptocurrency with a market capitalization of $12.4 billion, ADA’s trading volume surged a massive 37.48%, indicating increased interest from investors.

In the past seven days, ADA is down 2.24%, while in the past month, the altcoin has only increased 0.85%, showing underwhelming performance. However, the bullish scenario predicted by various analysts may soon play out, pushing the altcoin’s prices higher in the short term.