Cardano Price Soaring: Is ADA on the Verge of a New High?

Cardano's price surge by 11% in the last 24 hours, reaching $0.5311 on a day where the cryptocurrency market has seen a 3.5% increase.

Cardano Price Prediction ADA surges 11%, will it hit a new high?

By Simon Chandler | Last updated: February 8, 2024 07:58 EST | Estimated reading time: 5 min

The Cardano price has surged by a staggering 11% in the past 24 hours, now reaching $0.5311. While this is an impressive gain, it pales in comparison to the soaring prices of other altcoins like Ethereum and Solana. However, this doesn’t mean that ADA is being undervalued by the market. In fact, as Cardano’s platform continues to grow steadily and its competitors experience outages, there could be more rallies ahead for ADA.

ADA Regaining Momentum

After weeks of stagnation, ADA seems to have regained its momentum. The relative strength index (RSI) has risen beyond 55, indicating further potential price gains. The 30-day moving average has also started climbing again, signaling a return of buying pressure for the token. Additionally, the 24-hour trading volume is recovering, reaching $600 million today after falling to as low as $200 million earlier this week.

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While ADA’s gains may appear modest compared to other major altcoins, such as Solana, which has skyrocketed by more than 300% in the past year, Cardano has a significant advantage. Unlike those coins, Cardano didn’t suffer from an embarrassing five-hour outage recently. This suggests that Cardano still has plenty of room to rise before reaching a “fair” value compared to other cryptocurrencies.

Cardano’s Steady Growth

Cardano’s native platform continues to grow steadily, with a substantial number of apps running on its blockchain. There are currently 157 apps operating on the Cardano blockchain, and the total value locked in these apps has increased by 630% since January 1, 2023, reaching over $360 million. Additionally, Cardano has been conducting Project Catalyst, a decentralized funding round where the community votes for projects to receive funding. This demonstrates the strength and depth of Cardano’s ecosystem and community, indicating a long-term commitment rather than a speculative mindset.

Given these factors, it’s expected that the Cardano price will continue to rise steadily over time, potentially reaching $1 by the summer. However, it’s important to note that ADA may not experience exponential growth but rather make modest gains over a more extended period.

The Rise of New Altcoins

For traders looking for potentially greater gains in a shorter timeframe, smaller cap tokens with significant potential offer attractive opportunities. The market is currently benefiting from a wide range of promising new altcoins. One such altcoin to watch is Sponge (SPONGE), an ERC-20 cryptocurrency that recently launched its second version, SPONGE V2.

Running on Polygon’s layer-two network and now listed on Uniswap, SPONGE V2 has improved its staking model, offering a variable rate of return that can reach triple figures depending on staking numbers. SPONGE V2 will also serve as the native token for an upcoming play-to-earn racing game, where players compete to rank on a global leaderboard and earn rewards in SPONGE. Combined with staking payouts and potential price increases, SPONGE V2 holds the potential for substantial profits.

While SPONGE V1 is no longer redeemable, investors can purchase the new token by visiting the official Sponge website. Additionally, SPONGE is expected to be listed on major centralized exchanges in the coming weeks, which could further drive its price up. With a robust community already backing the project, boasting over 31,000 followers on Twitter, SPONGE V2 has the potential for significant growth.

Q&A:

Q: What are the factors that indicate Cardano’s potential for growth?

A: Cardano’s steady growth as a platform, with a growing number of applications and increased total value locked, indicates its strong foundation and potential for long-term growth. Additionally, ongoing projects like Project Catalyst showcase the commitment of Cardano’s community and ecosystem.

Q: Will the Cardano price experience exponential growth?

A: While Cardano has the potential for steady growth, it may not experience the same level of explosive growth as some other altcoins. Investors should consider Cardano’s upward trajectory as a long-term investment rather than expecting rapid gains.

Q: Are there any other promising altcoins to keep an eye on?

A: Yes, Sponge (SPONGE) is an ERC-20 cryptocurrency worth watching. With its improved staking model and upcoming play-to-earn racing game, SPONGE V2 holds the potential for substantial profits and has a strong and growing community.

References:

1. Cardano Price Prediction
2. Russian Crypto Miners Blamed for Siberia Power Outages
3. Solana (SOL)
4. 157 apps running on Cardano
5. Over $360m in total value locked in Cardano
6. Sponge (SPONGE)
7. Cardano ADA Shiba Inu SHIB Holders Buying Newly Launched SPONGE V2 Token
8. Polygon (MATIC)

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