Cardano Price Prediction: Will ADA Recover Soon?

Cardano's price experiences a 4% increase in the last 24 hours, reaching $0.4728 amidst a 0.5% recovery in the cryptocurrency market today.

As Cardano’s trading volume surges by 80%, is ADA set for a recovery?

By Simon Chandler | Last updated: January 24, 2024 06:22 EST

The Cardano price has risen by 4% in the past 24 hours, reaching $0.4728 as the cryptocurrency market recovers by a modest 0.5% today. But is this enough to indicate a potential recovery for ADA? Let’s take a closer look.

The Current State of Cardano

ADA’s recent jump is overshadowed by its losses over longer timeframes. The altcoin is down by 10% in the past week and 21% in the last 30 days. However, it is important to note that ADA remains up by 23% in the past year, and there are indications that the market undervalues this coin, suggesting it could make a healthy recovery in the near future.

Looking at the chart, we can see some signs of weakness for Cardano. The relative strength index (RSI) has flattened out at around 40, struggling to regain momentum after declining from 80 back in December. The 30-day moving average (yellow) continues to slump downwards and is on course to fall below the 200-day (blue). Moreover, the Cardano price itself has dropped below the 30-day average, indicating strong selling pressure.

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However, there is a glimmer of hope. ADA’s trading volume has risen to over $500 million today, up from around $300 million a few days ago. Such an increase in volume could signal incoming price rises. The market has consistently undervalued and oversold ADA in recent months, suggesting that it still has room to rise in the coming months.

The Fundamentals Behind Cardano

The positive outlook for ADA is based on its fundamentals. Cardano has been steadily growing as a layer-one blockchain network, with its total value locked in increasing by over 300% in the last 12 months, surpassing any other top-10 blockchain. This impressive growth is a clear indication of the growing usage and adoption of Cardano.

Cardano is also progressing well with its roadmap. After implementing smart contracts back in 2021, it is currently in the Basho phase of its roadmap, which focuses on scaling improvements. Several of these improvements are expected to arrive this year, further fueling the potential of the Cardano price.

Q&A Section

Q: What are some high-potential altcoins to consider besides ADA?

A: While ADA may be a slow burner, there are several promising altcoins that could offer short-term rallies. One such coin is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised an impressive $9.1 million in its sale. BTCMTX enables users to mine BTC by staking the platform’s native token. It is set to launch soon, just in time for Bitcoin’s next halving in April.

Q: How can I buy BTCMTX tokens?

A: Investors can currently buy BTCMTX at a price of $0.0130 per token on the official Bitcoin Minetrix website. The price will rise to $0.0131 in the next couple of days, and the token’s listing on exchanges could see it rise even higher.

Future Outlook and Recommendations

Although ADA has experienced recent losses, there are positive indicators for its recovery. With its growing fundamentals, including increasing usage and adoption, as well as upcoming scaling improvements, ADA could see significant price increases in the coming months. Moreover, the next Bitcoin halving is likely to make the market more bullish, potentially pushing ADA to reach $1 by the summer.

In conclusion, despite recent setbacks, Cardano’s strong fundamentals and potential improvements make ADA a cryptocurrency worth considering. Investors should keep a close eye on ADA’s developments and take advantage of the opportunities it presents.

References:

1. Cardano price prediction: ADA dumps 75%, could ADA hit $1 by 2024?
2. Cardano price chart
3. Bitcoin Minetrix (BTCMTX)
4. Bitcoin Minetrix ICO
5. Follow Us on Google News

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

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