Dear Readers,
We all know very well that Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake (PoC). It can facilitate effective peer-to-peer transactions with its internal cryptocurrency, ADA. Cardano's development began in 2015, led by Ethereum co-founder Charles Hoskinson.
However, Cardano considered as an underrated investment.
With a rank of 8 according to the coinmarketcap, Cardano is currently trades at $0.5071, a up of 1.44% from yesterday.
Listed with major crypto exchanges, Cardano now trades 83.64% low to its All Time High price of 3.10 USD that was hit 2 years back on 2 September 2021.
It is of great hope that will cardano hit USD 1 by this year?
Well let's deep dive into this.
When it is looked into the cardano's chart, it seems to be ready for the next bull cycle.
According to Analyst Crypto Capital Venture, if we draw parallels to historical price movements of Cardano, there is a potential consolidation phases and upward trends.
He is sure and reminded that during the previous cycle, BTC broke into a bull market phase around November 2020. While the BTC price surging while ADA was trading at around 15 cents at that time.
Compared to the timing of this move from 2020 to the current cycle now, he speculates that ADA’s price movement could align with Bitcoin’s next halving event, possibly occurring shortly after.
Taking all these factors into consideration, he expects ADA coin price may go around $0.60 to $0.70 as Bitcoin enters the bull market phase.
Notably, ADA’s current consolidation phase, with its price trading around $0.50, highly indicates that an increase from its past levels of around $0.12 during similar market phases.
Reflecting on historical price patterns in the past, he highlighted the chances of ADA would be breaking key psychological levels, such as $0.50 and $1, indicating potential higher consolidation around the $1 mark in the days ahead.
He said that speculatively, this scenario may hit around the target of $1 during the summer of 2024.
Considering the technicals also, cardano is now indicating from neutral to buy.
Let's wait and watch!
