Cardano Price Surges 8%: Here’s Why ADA Could Reach New Highs in 2024

Cardano's price has surged by over 8% in the last 24 hours, reaching $0.6202 due to increasing volumes in the Bitcoin ETF, propelling the market to new heights today.

Cardano’s 6% Spike Should You Buy Now?

Last updated: February 27, 2024 07:16 EST | Estimated reading time: 3 minutes

The Cardano price has experienced a significant jump of over 8% in the past 24 hours, now sitting at $0.6202, thanks to rising Bitcoin ETF volumes. This spike not only erases the recent losses for ADA but also positions the altcoin with a 25% gain in the last 30 days.

Is it time to buy ADA?

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After a period of decline, it appears that ADA is ready for a strong surge this week, with the potential for further gains depending on market conditions. Its 30-day moving average, depicted as the yellow line, is significantly higher than the 200-day average (blue line), which bodes well for an upward trend.

Source: TradingView

Moreover, the coin’s relative strength index (RSI), represented by the purple line, is on the rise again after dipping to around 50 last week. The RSI can continue to climb until it surpasses 70 or 80, indicating ADA has further room for growth. Additionally, the coin’s 24-hour trading volume has increased to $750 million, a positive sign of investor interest.

While it may not boast volumes as impressive as larger coins like BTC, ETH, and SOL, Cardano recently received approximately $400,000 in funds according to CoinShares’ latest Digital Asset Fund Flows report. This affirms the confidence that many have in ADA as it continues to demonstrate solid fundamentals.

As the tweet from InputOutputHK reveals, there are currently 160 projects running on the Cardano blockchain, with a total value locked in worth $400 million. Beyond that, Cardano has been successfully operating Project Catalyst, a community-led fundraising initiative that supports 300 budding projects. With such development and adoption, ADA is poised for a bright future, particularly considering its current undervalued position.

What is the projected outlook for Cardano’s price?

The Cardano price is projected to reach $1 by summer this year, potentially surpassing its all-time high (ATH) of $3.09 by the end of 2024. With its expanding ecosystem and growing network of projects, Cardano is expected to capture the attention of both investors and enthusiasts alike.

New Small-Cap Tokens for Alt Season

Although ADA is undoubtedly a major altcoin to watch in the coming weeks, there are other intriguing coins currently in the market. These include newer tokens that have recently launched and have the potential for significant growth as they list on new trading platforms.

One such example is Sponge (SPONGE), an ERC-20 cryptocurrency that recently launched its second version. Since listing on Uniswap earlier this month, SPONGE has seen a staggering 160% increase. Noteworthy is the fact that it has managed to sustain its initial listing gains and is continuously building on them:

Source: DEXTools/TradingView

SPONGE enjoys a strong following of supporters as it is an established meme token. Moreover, the recently introduced SPONGE V2 features a new staking model that offers a minimum yield of 40% APY. This yield has now surpassed triple figures and varies based on factors such as the number of stakers and staked tokens. Additionally, SPONGE V2 will be the native token for an exciting upcoming play-to-earn racing game, where players can compete against each other and earn rewards in SPONGE.

Considering these positive fundamentals, the price of SPONGE is expected to experience significant growth, especially once it lists on major exchanges. Until then, it presents a promising investment opportunity for traders who can currently trade the token on Uniswap or the official Sponge website.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Q&A

Q: What is Cardano’s current price?
A: Cardano’s price is currently $0.6202, with an 8% increase in the past 24 hours.

Q: Can ADA’s price reach new highs in 2024?
A: Yes, based on its current momentum and strong fundamentals, ADA has the potential to surpass its all-time high (ATH) of $3.09 by the end of 2024.

Q: How many projects are running on the Cardano blockchain?
A: There are currently 160 projects running on the Cardano blockchain, with a total value locked in worth $400 million.

Q: Besides Cardano, are there any other promising altcoins to consider?
A: Yes, one example is Sponge (SPONGE), a meme token that recently launched its second version. It has seen a 160% increase since listing on Uniswap and offers attractive staking opportunities with a minimum yield of 40% APY.

Q: Where can I trade SPONGE?
A: You can trade SPONGE on Uniswap or the official Sponge website.

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Reference Links

1. Cardano Price Prediction: ADA Dumps 75%, ADA to Hit $1?
2. Rising Bitcoin ETF Volumes
3. CoinShares Latest Digital Asset Fund Flows
4. Cardano Blockchain Projects
5. New Small-Cap Tokens for Alt Season
6. The Official Sponge Website
7. Cardano Price Chart
8. Sponge (SPONGE) Price Chart

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