The Cardano price has experienced a significant surge in recent days and weeks, aligning with the robust upward movement of Bitcoin. Notably, the percentage gains surpassed those observed with Bitcoin or Ethereum. As we analyze the current trends, the question arises: are we on the brink of another Altcoin bull run in the upcoming weeks, and could our forecast indicate a potential rise in the Cardano price to $1? Let’s take a look at this Cardano price prediction article.
Over the past few days, there has been a notable upswing in the Cardano price, experiencing a gain of more than 21 % in the last seven days. This surge propelled the ADA token from a value of $0.34 to $0.45.
The surge was particularly significant over the last 2 to 3 days, with the Cardano price notably benefiting from the recent explosive rise in Bitcoin prices. As a result, the Cardano forecast for the year’s end is highly optimistic.
As of now, the Cardano price stands at $0.521552, with a 24-hour trading volume of $1.46 billion, a market capitalization of $17.64 billion, and a market dominance of 1.08%. Over the last 24 hours, ADA has witnessed a notable increase of 19.91%.
Cardano achieved its highest price on September 2, 2021, reaching 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. The lowest price since the all-time high was $0.223375 (cycle low), and the highest ADA price since the last cycle low was $0.514891 (cycle high).
The current sentiment for Cardano’s price prediction is bullish, and the Fear & Greed Index indicates a level of 72 (Greed).
Cardano’s circulating supply is currently 33.82 billion ADA out of a maximum supply of 45.00 billion ADA. In terms of market capitalization, Cardano holds the #3 position in the Proof-of-Stake Coins sector and is ranked #6 in the Layer 1 sector.
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What is the Cardano Price Prediction for the end of 2023?
Over the past few weeks, the increase in the Cardano price has been somewhat underwhelming when compared to Bitcoin. Given that the fourth quarter is typically perceived as a highly bullish period in the crypto market, our expectations for the Cardano forecast in recent weeks were that it would be more positive.
In the past few days, this expectation has been validated, and the Cardano price has experienced a robust upswing. There is a possibility of surpassing the $0.55 mark in the upcoming days. Given the typical delay in an Altcoin Bullrun following a Bitcoin Bullrun, our optimism regarding the Cardano forecast for the year’s end remains high.
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Can the Cardano Price Reach $1?
The Cardano price undeniably has the potential to reach the $1 mark in the weeks to come. Nevertheless, achieving this optimistic target by the end of the year, with only about three weeks remaining, may pose a more challenging timeframe.
It’s crucial to consider that during Bitcoin price consolidation, altcoin values may experience setbacks. Hence, achieving a rise to $1 within the next 3 weeks could face challenges under these circumstances.
Currently, Cardano has successfully surpassed the critical resistance level at $0.462, establishing a new support level. This achievement marks the highest point since April, and the token has consistently maintained positions above both the 50-day and 100-day moving averages.
While a short-term pullback might be anticipated, the overall outlook for ADA appears bullish, with investors setting their sights on a significant resistance level at $0.54.
For a crypto trader, Cardano’s recent performance signals positive momentum and potential opportunities. Over the last year, ADA’s price has surged by an impressive 66%, outpacing the majority (63%) of the top 100 cryptocurrencies.
The fact that it’s trading above the 200-day simple moving average suggests a sustained upward trend. With 17 green days in the last month, accounting for 57% of the time, the coin exhibits consistent positive movement. Additionally, being near its cycle high indicates a strong position in the market.
The high liquidity, as evidenced by its substantial market cap, makes ADA an attractive choice for traders seeking assets with ample trading volume and stability.
The forecast for Cardano anticipates a trading range between $0.43 and $0.67 in the near term. However, a noteworthy scenario could unfold if Cardano surpasses the $0.64 mark in the coming week.
In such a case, there’s a potential for the ADA price to experience a significant climb, reaching heights of $2.23 or potentially even higher, especially in the aftermath of Bitcoin halving.
This upper price target suggests a remarkable increase of nearly 325%, marking a substantial surge for Cardano if it manages to breach the specified threshold. Traders and investors are keenly observing these price dynamics as they position themselves in response to these potential market movements.
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