Cardano ($ADA) and Lido DAO ($LDO) Could Soon Rally, Crypto Analyst Predicts
A popular cryptocurrency analyst has predicted that the prices of both Cardano ($ADA) and Lido DAO’s governance token $LDO could soon rally based on two upcoming hard forks, including Ethereum’s Merge upgrade.
The host of Coin Bureau, as Daily Hodl reports, has shared a new video with his 2.1 million YouTube subscribers detailing that he sees Cardano’s price rise about 20% to hit the $0.60 mark in the near future ahead of the network’s upcoming Vasil hard fork.
The Vasil hard fork is expected to deliver a “massive performance improvement” to the network. It’s a major upgrade that will involve several Cardano Improvement Proposals (CIPs).
To the host of Coin Bureau, the price of ADA is rallying over anticipation associated with the hard fork, and he is looking for a short-term movement up until the $0.60 mark “to get back into that medium-trend uptrend.” Given the renewed interest in Cardano, he said, reaching that target is “more likely than not.”
As reported, Cardano’s market cap has surged to $17 billion ahead of the network’s highly-anticipated Vasil hard fork. The cryptocurrency community is expecting the price of Cardano’s ADA to surge around 35% during the month of September, with data showing 14,000 users see the cryptocurrency trade at $0.62 by the end of the month.
The host of Coin Bureau has also looked at another cryptocurrency that could benefit from an upcoming hard fork: Lido DAO ($LDO), a liquid staking protocol that allows users to deposit assets to be staked and receive a token backed 1:! By the staked assets in return.
Per the analyst, Lido DAO’s governance token could rise by 50% over Ethereum’s upcoming Merge upgrade, as it’s “used to stake ETH in a liquid i.e, tradable manner.” The protocol also recently “partnered with Aztec Network for low-fee liquid staking and additional privacy on Ethereum, solid stuff.”
Lido DAO is, at the time of writing, trading at around $1.8 after losing nearly 17% of its value in the last 24-hour period, amid a wider cryptocurrency market downturn that has seen BTC drop by nearly 8% during the same period.
Coin Bureau has notably recently said he expects Cardano to start outperforming the flagship cryptocurrency Bitcoin ($BTC) as traders start using the cryptocurrency to hedge against Ethereum’s transition from a Proof-of-Work (PoW) consensus algorithm to a Proof-of-Stake (PoS) one.
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