With the crypto scene buzzing from Bitcoin smashing through the all-time high at $69,000, Cardano (ADA) is looking to catch the wave, hoping to replicate its previous bull run success. Will ADA price explode? Let’s take a look at this Cardano price prediction article in more detail.
As of today, Cardano’s price sits at $0.711198, boasting a 24-hour trading volume of $1.13 billion. Its market cap stands at $24.05 billion, with a market dominance of 0.92%. Over the last 24 hours, ADA’s price dipped by 3.45%.
On September 2, 2021, Cardano reached its peak at an all-time high of $3.10. Conversely, its lowest price was recorded on October 1, 2017, at an all-time low of $0.017354. Since hitting its all-time high, Cardano’s lowest price reached $0.234392 (cycle low), while its highest price hit $0.797962 (cycle high). Currently, the sentiment around Cardano’s price prediction is neutral, with the Fear & Greed Index registering 82 (Extreme Greed).
In terms of supply, there are currently 33.82 billion ADA tokens circulating out of a maximum supply of 45.00 billion ADA.
Cardano Price Prediction: Will ADA Price Increase?
In recent years, Cardano has experienced its share of highs and lows. Notably, the blockchain network witnessed a significant 90% surge in new wallet addresses, signaling heightened activity and growing interest in the platform.
Nevertheless, amidst this positive development, the blockchain has faced criticism, with several reports suggesting that Cardano’s network activity may have been exaggerated or misrepresented.
Exploring the history of Bitcoin halvings can feel akin to deciphering celestial movements when forecasting Cardano’s potential bull run. So, let’s take a step back and delve into Cardano’s journey, tracing it back to the inaugural Bitcoin halving event.
Back in November 2012, during Bitcoin’s inaugural halving, Cardano hadn’t yet entered the crypto scene. Skipping ahead to the second Bitcoin halving in 2016, Cardano was still in development, with its mainnet only launching in September 2017. So, unfortunately, there’s no data to compare at that point.
Fast forward to the third Bitcoin halving in 2020. By then, Cardano was up and running, with its price hovering around a modest $0.053 in March 2020. What’s intriguing is what followed after the Bitcoin halving: Cardano’s price surged to $0.1. However, as of the latest update, Cardano’s trading price has settled around $0.5.
So, what’s the takeaway? Looking at this history, it seems like Cardano might just be lacing up its bull run shoes. Despite their differences, Cardano and Bitcoin share an iconic status in the crypto world. There’s a rhythmic, momentum-driven dance in the crypto market that could bring them together on the same stage.
Cardano Price Prediction: How high can the ADA Price go?
Over the past year, the price of ADA has seen a remarkable surge, experiencing a staggering 132% increase. This impressive growth has not only positioned it among the top-performing assets in the crypto market but has also outpaced half of the top 100 cryptocurrencies during this period.
A noteworthy aspect contributing to its bullish momentum is its consistent performance above the 200-day simple moving average, indicating sustained upward momentum over an extended period. This technical indicator is often used by traders and analysts to gauge the overall trend of an asset, and its consistent positioning above this threshold suggests a strong bullish sentiment.
Furthermore, recent market activity reflects a positive trend, with the cryptocurrency recording 18 green days out of the last 30, translating to a significant 60% of positive trading days. This consistent string of gains underscores growing investor confidence and interest in the asset.
Another key factor supporting its upward trajectory is its high liquidity, as evidenced by its substantial market capitalization. High liquidity ensures that investors can easily buy or sell the cryptocurrency without significantly impacting its price, making it an attractive option for traders and investors alike.
Given these compelling indicators, the cryptocurrency appears poised for continued growth in the foreseeable future. The current trends and metrics suggest a favorable outlook for this asset, making it a promising candidate for investors seeking potential opportunities in the crypto market.
Based on the Cardano price prediction for March, the anticipated range lies between $0.69 on the lower end and $0.80 on the higher end. If the price of Cardano indeed reaches the upper price target, it would signify a notable increase of more than 15% from its current level.
By March 31, 2024, reaching $0.80 would mark a significant milestone for Cardano, indicating strong bullish momentum and potentially attracting further investor interest.
Following the Bitcoin Halving, there’s speculation that the ADA price could potentially surge to the $3 mark. Achieving this upper price target would represent a remarkable increase of more than 400% from its current level. Such a significant surge would signal a major milestone for ADA, reflecting strong bullish sentiment and potentially attracting considerable attention from investors and the broader cryptocurrency community.
Is Cardano a Good Buy?
Cardano has undergone a phase of price consolidation, followed by a significant drop to its 2024 low of $0.2406. Yet, given the prevailing bullish trend in the market, this could present an opportune moment to consider investing in ADA. With prices still well below doubling, purchasing ADA coins within the $0.70 price range could potentially yield favorable returns before prices climb higher.
Where to BUY Cardano (ADA)?
For those looking to capitalize on Bitcoin’s upward momentum, choosing the right platform is crucial. Bitget stands out as a reliable option, offering low fees and a robust and user-friendly platform. As the cryptocurrency market continues to evolve, having a trustworthy platform for buying and trading Crypto becomes essential, and Bitget provides a solution for both novice and experienced investors alike.