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ADA Price Breakout: Analyst Predicts New All-Time High As Cardano Surges by 30%

Cardano (ADA), the ninth-largest cryptocurrency in the market, has experienced a significant price breakout, reaching $0.710 on Thursday for the first time since May 2022. 

This marks a pivotal moment for ADA as it emerges from a prolonged consolidation phase encompassing the latter part of 2023 and the initial month of 2024. With the price surge, ADA now sets its sights on the $1 mark, which it last achieved in April 2022.

ADA Primed For New All-Time Highs? 

The recent price breakout has sparked predictions of an imminent continuation of ADA’s uptrend, with notable potential to reach new all-time highs (ATH). Crypto analyst Trend Rider has conducted an in-depth analysis of ADA and issued an alert, signaling the possibility of a new all-time high.

According to Trend Rider, there has been a significant increase in the Trend Strength Indicator, which resembles the beginning of the legendary rally that took ADA to $3.6. In addition, with Bitcoin (BTC) nearing its peak, the analyst believes the stage is set for ADA to close the gap and rally to $3.6.

Furthermore, Trend Rider highlights the bullish nature of ADA’s Moving Average Ribbon and Money Flow Oscillator, which have turned positive after 200 weeks. These macro factors underscore the positive sentiment surrounding ADA’s potential for growth. 

Cardano

Additionally, the analyst emphasizes that ADA demonstrates bull run signals previously observed when the token traded at $0.10, just before it skyrocketed to $3. Trend Rider suggests that the shift in trend indicators from bearish or neutral to bullish further reinforces the positive outlook for ADA’s price trajectory. 

Cardano Market Cap And Trading Volume Soars

Coupled with ADA’s bullish indicators, Cardano has seen notable growth in various key metrics, according to data by Token Terminal. 

Over the last 30 days, ADA has shown significant progress in market capitalization, trading volume, and fee generation. At the same time, fees incurred by ADA holders have decreased, providing further insight into the token’s recent performance.

Cardano’s fully diluted market capitalization has surged to $28.09 billion, marking a 27.4% increase over the past month. This metric accounts for the potential total value of all ADA tokens if they were in circulation. 

Similarly, the circulating market capitalization, which reflects the value of ADA tokens currently available, has experienced a significant boost, reaching $21.94 billion, representing a 27.7% rise.

Cardano

Cardano has demonstrated its popularity in terms of trading activity, as the token’s 30-day trading volume stands at $14.69 billion. Although this figure reflects a minor decline of 4.0% compared to the previous month, it still showcases ADA’s robust liquidity and investor interest.

As for fees incurred within the Cardano ecosystem, the 30-day fee generation amounted to $396,78K, indicating a decrease of 9.7%. This fee decline suggests improved cost-efficiency for ADA holders during the given period. 

Cardano

Currently, ADA is trading at $0.682, experiencing a slight correction in the past few hours. However, when examining longer time frames, the token has demonstrated significant gains of 14%, 13%, and 30% over the past seven, fourteen, and thirty days, respectively. 

Featured image from Shutterstock, chart from TradingView.com

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Cardano Adoption Explodes: ADA Price Ready To Reclaim $3.1 All-Time High?

Cardano (ADA) could be on the path to breaking new price levels in the coming weeks, as indicated by on-chain data and adoption growth. The creation of new wallets on the Cardano blockchain has seen multiple spikes on various days since the beginning of February, showing a potential influx of new money into Cardano.

According to on-chain data, new addresses on the Cardano network spiked 89% between February 22 and February. Similarly, this metric witnessed a 248% surge earlier in the month between February 1 and February 2. Such a huge influx of new wallets is a very bullish signal for ADA. 

Cardano Metrics Points To Increased Interest

One of the major factors to consider when considering the adoption rate of cryptocurrencies is the amount of new wallets created. According to on-chain data, the number of new wallets added to the Cardano blockchain spiked from 1,706 on February 22 to 3,227 on February 23. Similarly, this metric witnessed a larger spike from 1,553 on February 1 to 5,414 on February 2.

While the number of new wallets created daily has slowed down since February 23, it has steadied above 1,500 since the beginning of February. The total number of wallets registered on the Cardano network has also been steadily climbing and is almost at 4.6 million addresses. 

Active daily addresses have climbed above 30,000 since the beginning of the year, recently reaching 64,568 active addresses on February 16. This growth on the back end shows that interest in the Cardano ecosystem is skyrocketing as more people want to get their hands on the native ADA token. This could translate into more demand for ADA, leading to a price increase.

ADA To Reclaim $3.1 Price Level?

ADA holders have been left wondering if the price can revisit its all-time high above $3.1 this year. After ranging and trading mostly $0.6 last week, ADA has now broken past the $0.62 mark again after a 6.99% influx into the entire crypto market. At the time of writing, Cardano is now trading at $0.6211, up by 6.23% in the past 24 hours and up 29.85% in the past 30 days.

However, ADA’s path back to the all-time high of $3.1 remains difficult, as it must overcome numerous price resistances. The first stage would be to get significant traction above $0.63. If successful, ADA might launch a new rise above $0.63, reaching $0.66 for the first time since December 2023.

As long as Cardano stays above $0.66, it is in good shape to eventually reach $1.20. Many long-term holders (529,000 addresses) who bought around this price point would likely sell here to break even. But if adoption increases and demand is strong enough, ADA could power right through.

ADA price chart from Tradingview.com (Cardano)

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Cardano (ADA) Faces Critical Sell Signal: Crypto Analyst Raises Alarm

In a recent technical analysis by crypto analyst Ali Martinez, known on social media as @ali_charts, a potential sell signal has been identified on the three-day chart for Cardano (ADA) against the US dollar. This analysis, shared on X on February 23, suggests caution among ADA traders due to the appearance of a bearish signal from the TD Sequential indicator.

Martinez’s chart showcases the TD Sequential indicator presenting a ‘9’ signal, a classic sell indication that suggests the current trend may be exhausted and a reversal could be imminent. This signal is highlighted on the candlestick that has been forming over the last three days, marked by a red rectangle surrounding a green candlestick.

The ‘9’ setup, traditionally seen as a sign to take profits or to prepare for a trend change, implies that ADA’s recent upward momentum may face a setback. The analysis further notes that this is not the first instance of such a signal appearing on Cardano’s chart.

Cardano price analysis

Previous occurrences of the TD Sequential ‘9’ sell signal were followed by price corrections for ADA. Traders may be particularly vigilant now, as the chart indicates that the last two signals of this nature were succeeded by downward price action. Martinez remarked:

The TD Sequential indicator shows a sell signal on the #Cardano 3-day chart. It’s important to note that the last two times this indicator signaled bearish, ADA experienced a price correction!

How Low Could Cardano (ADA) Price Retrace?

As of February 23, 13:06 UTC, the ADA/USD pair shows a complex interplay between bullish and bearish signals on the daily time frame. The chart presents a constricted pattern following a descent from a local high.

The ADA price is currently trading at $0.5790. Importantly, the price is above the 20-day Exponential Moving Average (EMA) at $0.5733, the 50-day EMA at $0.5462, the 100-day EMA at $0.5065 and notably, the 200-day EMA at $0.4487. The positioning above these EMAs can be a sign of an underlying bullish sentiment in the market.

Cardano ADA price

The Fibonacci retracement levels, drawn from the peak to the trough of the recent move, highlight significant levels of potential support and resistance. The 0.236 level at $0.5866 is immediately overhead, acting as a minor resistance level. The 0.382 level at $0.5203 and the 0.5 level at $0.4667 are key support zones to watch if a bearish reversal occurs.

A break below these levels could signal a deeper retracement towards the 0.618 level at $0.4131 or even the 0.786 level at $0.3368. However, the most crucial support at the moment is the 20-day EMA which could forebode a changing trend.

Notably, the volume has been relatively consistent, with a slight decrease in trading volume accompanying the recent price consolidation. This could indicate a lack of conviction among traders. Confirming this, the Relative Strength Index (RSI) is at 54, indicating neither overbought nor oversold conditions. The RSI trend is neutral, providing no clear directional bias at the moment.

In conclusion, while there are hints of bearishness, there are still good arguments to be bullish on Cardano and not wait for a larger correction. However, if the price does not hold above several key EMAs on the daily chart, the trend change could be confirmed.

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Bitcoin Millionaire Takes A Shot At Cardano For Being A ‘Wannabe Ethereum’ – Details

Cardano (ADA) is being caught in the crossfire once again as Bitcoin millionaire Arthur Hayes is taking shots at the network. Arthur, who is known for being a founder and former CEO of the BitMex crypto exchange, has been vocal about his dislike for the network, which he believes is trying to be like Ethereum.

Cardano Is A Wannabe Ethereum

In an interview with Coin Bureau, Arthur Hayes did not hold back while sharing his scathing review of the Cardano blockchain. The interview, which focused on the performance of Bitcoin and the crypto market so far, pivoted toward Cardano, which Hayes seems to believe is a low-quality copy of Ethereum.

The millionaire started out by warning investors to steer clear of altcoins, which seem to be all buzz and no substance. These projects which he believes should reflect on being “marketed too heavily” have had a track record of imploding and not surviving the market.

Turning to Cardano, Hayes delivered a scathing comment when he called the network the “first wannabe Ethereum.” Furthermore, the founder also does not believe that the network is all that relevant to the crypto industry and explains that the Cardano network is currently at risk of being irrelevant unless it finds some way to set itself apart from the countless Ethereum competitors out there.

Hayes also talked about the Spot Bitcoin ETFs, which were approved for trading in January. But contrary to the warm reception that these exchange-traded products have received, Hayes posits that it is not a win for crypto. Rather, it is a fee-generating vehicle for asset managers such as BlackRock, he explained.

Still Not Convinced About ADA

Hayes’s comments about Cardano have not been limited to the Coin Bureau interview alone as he also took to his X (formerly Twitter) page to bash the network once again. In the post, Hayes refers to the network as “dog sh*t”. He pointed out that the most active decentralized applications (DApps) on the network were not originally launched on Cardano, questioning if the network has any offering that is widely used by investors,

Hayes takes the bashing a step forward by tagging Charles Hoskinson, founder of the Cardano network, and asking him to educate him about the network. However, instead of the usual clapbacks that Hoskinson is known for, he takes a more lighthearted tone, saying, “Arthur, why are you throwing shade at Cardano? I like you man.”

Presently, Cardano continues to show strength after its Total Value Locked (TVL) rose 18% in the last month to cross $504 million. This makes it the 16th-largest network by TVL, in front of the likes of Coinbase’s Base and Aptos, according to data from DeFiLlama.

Cardano price chart from Tradingview.com

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Cardano Poised For Massive Rally As Key Indicators Signal Bullish Reversal, ADA Surges 14%

ADA, the native token of the Cardano ecosystem, has experienced a notable surge in price, taking advantage of Bitcoin’s (BTC) stagnation above the $52,000 level. With gains of 20% and 14% over the past thirty and fourteen days, respectively, ADA has reignited bullish sentiment among investors.

The token’s recent performance has not gone unnoticed, as crypto analyst “Trend Rider” makes a bold price prediction, highlighting key indicators that suggest a potential long-term bull run for ADA.

ADA’s Potential Bull Run Ahead

In a social media post on X (formerly Twitter), Trend Rider emphasized that ADA is striving to consolidate above the crucial $0.600 mark, which holds significant prospects for the token’s future. 

The analyst drew attention to an indicator called Impulse colors, which tracks the price distance from key moving averages. During the bear market, opposing trends were predominantly indicated by fuchsia and pink hues as seen in the chart below.

However, recent weeks have witnessed a return to dark blue, the most bullish color on this scale. Notably, this shift in momentum last occurred in 2020 when ADA’s price surged from $0.03 to $1.4 before the re-emergence of pink hues.

Cardano

Furthermore, Trend Rider highlighted another positive development— the Wave Oscillator has re-entered the positive zone after 20 months. According to the analyst, this shift indicates growing bullish momentum for ADA. 

The pivotal level identified in this context is the $0.60 mark. To solidify this shift, ADA’s price must hold and close above $0.60, which may catalyze a bullish long-term breakout. 

It is worth noting that this analysis is based on the 1-month timeframe, which significantly influences long-term market movements.

Cardano

These indicators suggest that ADA may be poised for a sustained uptrend, potentially paving the way for a long-term bull run. 

Cardano Sustained Bullish Trend

According to the one-day ADA/USD chart below, Cardano’s token reached a 21-month high of $0.679 on December 28, which marked the beginning of a period of volatility in ADA’s price. Following a price correction, ADA dropped to $0.449 on January 23. 

However, in line with the overall market trend, ADA has regained bullish momentum. Nonetheless, this upward movement may face resistance from bears as it encounters various obstacles.

Cardano

If the current uptrend continues in the coming weeks, ADA must overcome significant resistance levels that have hindered its growth above the $0.679 mark. 

Successful consolidation above the critical $0.600 level will be crucial. ADA will face the $0.637 obstacle soon before potentially surging above $0.670, the last hurdle before reaching $0.700. Reaching this milestone would position Cardano’s native token favorably to target the $1 mark, benefiting from the overall market growth expected in the coming months of 2024.

Adding to the bullish prospects for Cardano, ADA has been establishing higher lows and higher highs during its price surge, indicating a healthy price action and a sustained bullish trend. However, it remains to be seen whether this trend can be sustained or if bears will dictate ADA’s future price direction.

Featured image from Shutterstock, chart from TradingView.com

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Cardano Q4 2023 Report: TVL Growth And ADA Price Surge Outshine Competitors

Cardano (ADA) showcased remarkable progress during the fourth quarter (Q4) of 2023, surpassing its competitors and demonstrating impressive growth in key metrics, according to a Messari report. 

Average Daily Transactions Soar In Q4

The report highlights that ADA’s revenue in USD increased by 66.7% quarter-over-quarter (QoQ), driven not only by ADA’s price action but also by a 10.6% QoQ increase in revenue denominated in ADA. 

Furthermore, Cardano’s Treasury balance expanded by 2.6% QoQ, reaching 1.43 billion ADA, in line with growth trends observed in previous quarters. Currently, 20% of transaction fees contribute to the treasury, which can be adjusted through governance.

Another key metric, transactions, shows that Cardano experienced 10.9% QoQ growth in average daily transactions, outpacing the 1.6% QoQ growth in daily active addresses. The ratio of transactions to active addresses has steadily increased over the past year, indicating increased power users. 

In Q4, the ratio of transactions to active addresses increased 9.2% sequentially and 45.0% year-over-year (YoY), reflecting higher average activity per user due to the introduction and development of various protocols throughout 2023.

In terms of stake, active stake declined by 0.5% QoQ for the second consecutive quarter, amounting to 22.8 billion ADA. Engaged stake also remained relatively flat in the second half of 2023. However, active and engaged stake witnessed a YoY decrease of 10.2% and 9.6%, respectively.

Cardano TVL Reaches New Milestone

With the thawing of the crypto winter, the Cardano ecosystem experienced a significant surge in Total Value Locked (TVL) in USD, skyrocketing 166% QoQ and 693% YoY. 

Indigo emerged as the largest protocol by TVL, surpassing Minswap. TVL of stablecoins on Cardano increased by 37% QoQ and 673% YoY, with the addition of Mehen’s USDM fiat-backed stablecoin scheduled to launch in March.

Notably, TVL in USD reached an all-time high of $449 million on December 14th, representing the Q4 growth of 166%. This surge contributed to Cardano’s rise in TVL rankings from 15th to 11th during Q4, following its initial position of 34th at the beginning of the year. TVL denominated in ADA also achieved an all-time high, peaking at just over 700 million ADA.

Cardano

According to the report, Cardano’s TVL growth was primarily driven by the introduction of new stablecoins, namely iUSD and DJED, early in 2023. Stablecoins remained a crucial indicator of decentralized finance (DeFi) health, as the total value locked in stable assets rose by 36.8% to $21.5 million. Cardano’s stablecoin market cap also improved from 54th to 32nd among other networks.

However, non-fungible token (NFT) activity declined during Q4. Transactions and trading volume in the NFT space decreased by 8.0% and 33.8% QoQ, respectively. Every year, NFT transactions and trading volume substantially declined by 58.3% and 68.3%, respectively. 

The only metric to show growth in 2023 was the number of unique sellers, which increased by 213.2% YoY, averaging 270 unique sellers daily.

Lastly, ADA’s price surged 127.2% QoQ, outperforming the overall crypto market’s 53.8% increase. This Q4 surge contributed to ADA’s YoY change of 145.2%.

Cardano

As of now, ADA continues to show significant gains with its current trading price of $0.5724. This reflects a significant increase of 5.5% over the past 24 hours and 8% over the past 30 days. These figures further solidify the bullish momentum of the token as the market enters the middle of the first quarter of 2024.

Featured image from Shutterstock, chart from TradingView.com

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Top-Trader Picks Cardano As Bull Market Leader: Here’s Why

In a post on X (formerly Twitter), acclaimed crypto trader Gert van Lagen has pinpointed Cardano (ADA) as the potential frontrunner of the ongoing bull market. His analysis leans heavily on Cardano’s foundational strengths compared to its rivals, Ethereum (ETH) and Solana (SOL).

Why Cardano Is Van Lagen’s Top Pick

Central to van Lagen’s argument is the concept of decentralization, where he posits Cardano as a model of “fundamental superiority.” He articulates, “Cardano stands out for its fundamental superiority over Ethereum and Solana, boasting greater decentralization and the notable absence of support from centralized entities like Gemini.”

This statement not only underscores Cardano’s commitment to decentralization but also implicitly critiques the reliance of other blockchains on centralized support, suggesting a purer adherence to blockchain’s original ethos by Cardano.

Highlighting the critical importance of network reliability, van Lagen points to Solana’s vulnerability, marked by its “sporadic inexplicable network outages of a few hours.” He contrasts this with the inherent stability of the Cardano network, which he notes is “mathematically embedded in the Cardano ecosystem,” suggesting a foundation built on rigorous scientific principles and peer-reviewed research that underpins Cardano’s operations, enhancing its reliability and user trust.

Van Lagen’s enthusiasm extends to Cardano’s Extended Unspent Transaction Output (EUTXO) model, which he believes is a game-changer for blockchain scalability and efficiency. He explains, “In this bullish market, my top bet is on Cardano, leveraging its EUTXO model to dramatically scale network capacity through TPT, not just TPS.”
This approach, focusing on Transactions Per Transaction (TPT) rather than just Transactions Per Second (TPS), allows for a more nuanced and complex handling of transactions, enabling a multitude of operations within a single transaction.

Roy M. Avila’s article, referenced by van Lagen, delves deeper into the TPT concept, illustrating how it differentiates from the traditional account model by allowing for a diverse array of transactions to be processed simultaneously within a single transaction. This significantly reduces the need for sequential transaction processing, enabling greater throughput and efficiency.

Technical Analysis For ADA

Van Lagen shares his technical analysis of Cardano, identifying key patterns and indicators that bolster his bullish stance. At the end of January, noted in a post on X, “Looks very much like ADA, broken black downtrend through weekly closes. Clear double bottom setup below red horizontal –> broken out, currently retesting.” This pattern suggests a strong reversal and potential for significant upward movement.

Cardano price analysis

He further elaborates on ADA’s price action, observing, “ADA [2W] – Compare Adam and Eve bottoms within 🟨 & 🟥. Price has broken through the blue neckline and is on its way to the key resistance zone before ATH: $1.2-1.8. Conservative extension targets: $5-15. Invalidation EW-count: $0.17.”

Cardano price analysis, 2-week chart

These insights provide a detailed roadmap for ADA’s potential price trajectory, highlighting both the bullish outlook and critical thresholds for invalidation.

At press time, ADA traded at $0.5325.

Cardano ADA price

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Why Cardano (ADA) Is A Top Altcoin Pick In The Next Bull Run

Dan Gambardello, the founder of Crypto Capital Venture, has laid out a bullish narrative for Cardano going into the next bull run. Based on his analysis, the crypto token has the potential to be one of the best-performing coins during that period. 

History Could Repeat Itself For Cardano

In a video posted on his YouTube Channel, Gambardello mentioned how Cardano was currently in the same technical area it was in the last two market cycles before the Bitcoin Halving. He further noted that on those two occasions, ADA managed to surpass expectations and ended up clocking a new all-time high (ATH) in the process. 

Specifically, ADA is said to have seen a 2700% gain on its way to its current ATH of $3 after the 2020 Bitcoin Halving. Gambardello believes that this time will be no different despite ADA being significantly down from its ATH. Although he was trying to be cautious with his price predictions, he raised the possibility of Cardano seeing an 1800% gain on its way to $10 in the next bull run. 

Interestingly, that isn’t the crypto analyst’s most bullish prediction so far. He once stated that ADA could rise to $11 at a market cap of $400 billion. Then, he hinted that ADA could enjoy a similar run as ETH did in the last bull run due to its DeFi functionalities. 

This time around, he once again made the ADA and ETH comparison, noting that the former hitting a market cap of $350 billion in the next bull run is still way less than ETH’s market cap in the last bull run. 

Cardano ADA price chart from Tradingview.com

Bitcoin Halving Is The Key To Unlocking The Next Bull Run

Before now, Gambardello had hinted that the Bitcoin Halving was going to kickstart the next bull run. In his recent video, he once again suggested that the next bull run was going to start after the Halving in April, noting how the bull cycles always take place after this event. He further highlighted how the Bitcoin chart was also indicating that the next bull run is imminent. 

According to the crypto analyst, “a simple zoom out on a Bitcoin chart” shows that there is so much to be bullish about. Altcoins are not left behind, as Gambardello also claimed that the charts of altcoins like ADA and ETH suggested that something was getting ready to happen, implying that a massive rally was on the horizon. 

Meanwhile, Gambardello wasn’t only bullish on the crypto market from a technical analysis perspective. He alluded to fundamentals like recent developments around the Spot Bitcoin ETFs, which show increased demand for the flagship crypto token, Bitcoin. 

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Crypto Analyst Predicts Bitcoin To $100,000 But Says Cardano Is Dead, Here’s Why

Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, recently elaborated on the reason for his price predictions for Bitcoin and Cardano. As part of his predictions, the crypto analyst had, at the beginning of the year, stated that Bitcoin was going to hit $100,000 soon enough. 

Why Bitcoin Will Rise To $100,000

In an interview with Scott Melker, Dunleavy alluded to the Bitcoin Halving as the reason why he believes Bitcoin will hit $100,000. Interestingly, he stated that this prediction was a “bit light” if the past post-halving numbers are to be considered. He noted how Bitcoin’s price usually sees at least a 4x increase once the Halving event takes place. 

Bitcoin Halving continues to be predicted as the event that will spark the next bull run, ushering in these price increases for Bitcoin. Skybridge Capital CEO Anthony Scaramucci also referred to this event as the reason for his prediction that Bitcoin will rise to $170,000. Like Dunleavy, he also noted how Bitcoin usually sees at least a 4x increase after miners’ rewards are cut in half. 

Indeed, Bitcoin is known to have experienced a big rally after the Havling took place. Historically, Bitcoin’s price has seen an 8,000%, 284%, and 559% gain one year after the Halving in 2012, 2016, and 2020 respectively. Furthermore, Bitcoin’s price has hit a new all-time high (ATH) in each of these instances, making the $100,000 price prediction very feasible. 

Bitcoin Cardano

Dunleavy also highlighted the Spot Bitcoin ETFs and macroeconomic factors like the expected interest rate cuts as other reasons why he thinks a 2x increase in Bitcoin’s price is a “solid base case.” These ETFs are expected to keep contributing to an increased demand for the flagship crypto token, while a rate cut is usually bullish for Bitcoin. 

Why Cardano Is Dead

In his predictions for 2024, Dunleavy boldly claimed that Cardano would lose its relevance and a new chain would take its place. Elaborating on the reason for this assertion, he alluded to the network’s lack of a stablecoin and that DeFi (Decentralized Finance) was basically “non-existent” on it. 

The crypto analyst went on to call Cardano’s founder, Charles Hoskinson, a “megalomaniac” who is “unwilling to change or adapt to the ecosystem.” He suggested that this was the reason why projects on the network are looking to migrate to other networks, a move which he believes is going to cause Cardano to fade off in the long run. 

Dunleavy also noted how Cardano’s lack of Venture Capital (VC) has handicapped the network, considering the recognition and users these VCs bring “directly through their capital.” This was another reason why the crypto analyst wasn’t so hopeful about the network’s future. 

Bitcoin price chart from Tradingview.com (Cardano)

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Cardano Activity Sees New Life That Could Send ADA Price Soaring, Here Are The Targets

Cardano (ADA) has been stuck in a price rut recently, but behind the scenes, activity on the Cardano blockchain is exploding. Transaction volumes and wallet addresses are all growing, showing that interest and adoption of the network are growing rapidly. All this activity has prompted analysis of how far the crypto can spike in the near future.

Cardano On-Chain Activity Points To Future Price Growth

Cardano’s growth in development activity in recent months has rivaled other cryptocurrencies, putting it on the map among developers. Metrics show that there are currently 1,322 projects under development. Similarly, Plutus V2 scripts recently reached 18,821, and Plutus V1 scripts also stand at 6,536 to make a total of 25,357, indicating the growth of smart contracts.

Related Reading: Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure

These scripts are essential for deploying smart contracts on the Cardano chain and have seen a 76% growth from 14,379 scripts recorded on January 1.

At the same time, Cardano’s transaction count in the past two months has been something to boast about. The Cardano ADA network recently successfully completed 255,000 payments in 24 hours. Particularly, December and January saw Cardano process over 4 million transactions each month, showing the increasing network usage. 

Active daily addresses have steadied above 30,000 since the beginning of the year, recently reaching 57,304 active addresses on February 4th. The total transaction count is now at 83.58 million. These metrics reflect the network’s ability to process a high number of transactions and its appeal to developers looking to build innovative crypto projects. 

Cardano network

Price Targets Suggest ADA Could Reach $4 To $6 Long Term

Despite the gloomy price action in the past month, these metrics point to Cardano price sentiment changing to a more favorable one. As a result, analysts predict a bullish turnaround, with one even putting a $4 to $6 price target by 2026. This represents a 730% and 1140% growth from the current price level.

In a similar vein, crypto analyst Ali Martinez predicted a more bullish surge to $8 by January 2025, representing a 1558% surge from the current price level. Nevertheless, ADA has a lot of room to grow if Cardano can continue to attract developer and investor interest.

At the time of writing, Cardano is trading at $0.4825, with 44% of addresses still making a profit and 51% of addresses currently at a loss. While short-term volatility is likely and the road ahead still has obstacles, the long-term price outlook for ADA looks bright, and Cardano appears well positioned for future success in a wider crypto market bull run. 

Cardano price chart from Tradingview.com (ADA crypto analyst)

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Crypto Analyst Says ADA Price Will Rise To $8, Here’s When

The ADA price action of late indicates that of strong support over the $0.488 price level, as the crypto continues to perform lackluster in the past month. However, according to crypto analyst Ali Martinez, Cardano’s current price performance is somewhat of a repeat of previous price action. 

The analyst noted that Cardano’s price movement looks a lot like late 2020 before ADA went on a massive bull run. If history repeats itself, Cardano could be poised for another major rally that sends the price to $8.

ADA Price Chart Shows Similarities To Previous Consolidation

Cryptocurrencies are known to repeat previous price actions, giving analysts an idea of what to expect based on the outcome of the previous performance. Given this, a Cardano technical analysis shared on social media platform X by Ali Martinez looked at the crypto’s past performance. 

To be more precise, the analyst noted that the current consolidation is a precursor for the bull rally that might come next. If the analysis turns out to hold, Martinez noted that ADA could consolidate until April 2024. 

The last time this type of consolidation occurred, ADA would eventually break out and go on a 3,217% price surge over the next 287 days. A repeat of this phenomenon after the consolidation ends would see ADA surging close to an $8 price target in January 2025. This would represent a gain of over 1,760% from the current price level. 

Current State Of Cardano

ADA’s price action points to the creation of lower highs since it reached a 2023 peak of $0.6655 on December 14, 2023. Particularly, the crypto recently got rejected around the $0.5241 price level, indicating the lack of strong buying momentum from the bulls. 

On-chain data from IntoTheBlock shows that 45% of ADA addresses are currently making a profit, with the recent analysis pointing to this metric remaining the same at least until April. However, there is no guarantee ADA will follow Martinez’s predicted pattern or hit his $8 target as the crypto market is notoriously volatile and difficult to predict.

On the activity end of things, Cardano processed over 4 million transactions in December and January. There has also been a 67% growth in the implementation of smart contracts on the Cardano (ADA) network, according to recent reports. 

Charles Hoskinson, the founder of Cardano, asserted that the Cardano blockchain is significantly more advanced than Bitcoin in terms of development, layer-2 networks, and flexibility to accommodate developers on the blockchain.

Although Cardano is up by 2.62% in the past seven days, a larger 30-day timeframe shows the crypto down by 9.37%. 

ADA price chart from Tradingview.com (Cardano crypto analyst)

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How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

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The Cardano Network is a decentralized proof-of-stake blockchain platform with smart contract support and uses its own native token ADA, just like the Ethereum blockchain. Cardano is often described as the Ethereum killer. However, Cardano also considers itself the updated version of Ethereum, which is currently the king of all altcoins, including ADA.

Cardano (ADA) The Supposed Ethereum Killer

It has been said that Cardano has anointed itself as a third-generation crypto platform which it regards to Ethereum as the second generation. Cardano has deemed itself fit to be a threat or competitor to Ethereum as they are both similar in so many ways, including the fact that Cardano (ADA) was created by one of the co-founders of Ethereum, Charles Hoskinson.

As Ethereum is having a hard time with high gas fees issues and slow transaction times, Cardano is all set up to take their share and make a name for themselves in the NFT, DeFI, and Stablecoin market. Cardano aims to be scalable and low-cost for users compared to Ethereum, its major competitor. 

It enables owners of their native token ADA to help operate the network and vote on changes to the software roles. A lot of developers now use the Cardano Blockchain for Smart contracts and building decentralized applications (dApps).

Cardano Continues To Evolve: Hard Forked From Byron To Shelley 

Cardano has been releasing its blockchain in stages with the aim of releasing better, cleaner, and more secure codes. They continued to evolve as the Cardano blockchain hard forked from Byron, a federated and static model, to Shelley, a more dynamic and decentralized model

A hard fork means or is described as a radical change in the blockchain, but in the case of Cardano, The blockchain hard fork was unique because instead of the blockchain radical change, it ensured a smooth transition from the old protocol to a new protocol while saving the history of the previous blocks. This means the Cardano blockchain contains the Byron blocks and after a certain transaction period, it adds the Shelley blocks.

Shelley was upgraded, and the Shelley protocol upgrade added a new feature that enabled different kinds of Smart contract use cases, which included the creation and transactions with multi-asset tokens. It also established support for the Voltaire voting mechanism. The Shelley protocol hard fork upgrade of March 2021 called “Mary” introduced native token and multi-asset support on the Cardano Blockchain. 

Mary allows users to create their own tokens that run on the Cardano network natively, just like Cardano’s native token ADA. Similar to the ERC20 tokens that can be created and transacted on the Ethereum network, Native tokens will open up this same functionality to Cardano.

How Does Cardano (ADA) Work?

The Cardano (ADA) Blockchain is made up of two main components, which are the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL).

The Cardano Computational Layer (CCL):

The Cardano Computational Layer (CCL) consist of the Ouroboros consensus protocol and Proof of stake, which are the backbone of the Cardano blockchain. They help to run smart contracts, it also ensures compliance and security. Lastly, allow other key advanced features and functionalities such as identity recognition and blacklisting.

The Cardano Settlement Layer (CSL):

The Cardano Settlement Layer (CSL) serves as the accounting layer of the Cardano blockchain where its native token holders can send and receive their ADA immediately with minimal transaction fees.

Blockchain Industry Issues Cardano Aims To Solve

  • To create a secure voting mechanism for token holders. 
  • To Separate accounting and computation layers. 
  • To create an infinitely scalable consensus mechanism. 
  • To use mathematics to provide a provably secure blockchain that is less susceptible to attacks. 

Benefits And Advantages of Cardano (ADA) Blockchain

Decentralization: The Cardano network is designed to promote decentralization, and the founder of ADA Charles Hoskinson, is confident that the network would be 50 to 100 times more decentralized than Bitcoin.

High scalability: The recent Cardano Blockchain Vasil hard fork solves scalability issues as it introduced critical updates that streamline transaction processing, ultimately increasing the transactions per second (tps) Cardano’s blockchain can handle to significantly boost transaction processing speeds, unlike Ethereum.

Multilayer security measures: Cardano has a multilayer architecture that separates the computation layer from the accounting layer and also the Ouroboros proof of stake algorithm reduces the surface attack and ensures good security without falling short on decentralization.

Low gas fees: Unlike Ethereum, Cardano has low transaction or gas fees which makes it more appealing to users and developers.

Environmentally friendly ecosystem: Cardano is designed to be accessible to all persons, no matter their level of skill, from novices to advanced users.

Strong Community: A project is as strong as its community and Cardano has a strong community of active users, developers, researchers, and founders all work together to make the project a very good one.

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

To see a full picture of the Cardano ecosystem, go to CardanoCube. CardanoCude has information on the applications on the Cardano Blockchain, ranging from DEXes to Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and Launchpads, in case you want to launch a project on the Cardano Blockchain. There are also Metaverse platforms, Gaming platforms, AI tools, Community & DAO, Developer Tools, Meme Coin, and so many more.

Cardano

To buy and sell tokens on the Cardano (ADA) network, you need to get a wallet. The official wallet created by the Cardano developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC secure wallet for the ADA cryptocurrency that downloads a full copy of the Cardano Blockchain, and it independently validates every transaction in its history, ensuring maximum security.

How To Install, Set Up, and Use DAEDALUS Wallet

Make sure you download the installation file from the DAEDALUS official website daedaluswallet.io. Once the website is open, click on “Download” and then choose your operating system: either macOS, Linux, or Windows. Start the downloading process by clicking on “Download DAEDALUS.”

Daedalus wallet

Install it, and once DAEDALUS is launched, you will need to configure the general settings and click on “Continue.” Read, and accept the terms and conditions. 

Download Daedalus

Please note that the blockchain must be completely synced before you can use your wallet.

Syncing crypto

To create a new wallet, click on the “Create” button, give your wallet a “Name,” and Create your “Spending password”. You will need your spending password later to make transactions. It will also Encrypt your wallet file in the dataless directory.

Cardano crypto wallet

After the setup, the “Recovery phase” page will pop up, and you will be given the 24-word secret phrase that you can use to recover your account in case your laptop is stolen or broken.

Recovery phrase

Ensure to write down your secret phrase and keep it in a safe place, after verifying your secret phrase your wallet is all set up.

Cardano Daedalus

Click on “Send” to send coins and Click on “Receive” to receive coins, select one of the automatic recipient addresses to receive your coins for other exchanges.

setup crypto

How To Use The Wallet Function On Minswap Instead Of Daedalus

Minswap is a multi-pool decentralized exchange (DEX) on Cardano (ADA) where you can swap tokens with minimal time, cost, and maximum ease.

Minswap

The Minswap website is user-friendly and easy to trade on. Go to the website, click on “Trade,” then click on “Connect wallet.” 

Connect wallet

You might not see the DAEDALUS wallet there, so just create a “MinWallet” by clicking on it, then click on “New Wallet.” Copy your 24-word secret phrase down, write it down in a safe place, verify your secret phrase, create your MinWallet password, Now your MinWallet is ready to be used.

Minswap Cardano wallet

How To Buy ADA On Centralized Exchanges And Send To Your MinWallet

You need some ADA tokens in your wallet to make your transactions. You can buy your ADA from centralized exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this case, we will use Binance.

Once the ADA is purchased, copy your MinWallet address, go to Binance, buy your ADA, and then go to “Withdraw.” Paste the MinWallet address you copied in the box to input your address, and Cardano will be automatically filled as your transfer network. Input the amount of ADA you want to transfer, then click on the “Withdraw” button.

fund wallet

How To Trade Crypto Tokens On MinSwap

To buy tokens, go to Coingecko and search for the token on the Cardano Blockchain Network you want to buy. Alternatively, you can go to the social media pages of the token you want to make sure you have the correct coin. Go back to MinSwap, click on the denominator token button, input the name of the token you want to buy, and select it.

Crypto wallet Cardano

Input the amount of ADA you want to swap for that token and swap it. If you want to sell, just switch their positions and swap.

Checking Prices Of Cardano-Based Tokens

Knowing how to check the price action of tokens when trading on blockchains such as Cardano is important for investors to make the best decisions. For the Cardano network, data trackers such as TapTools is the one-stop-shop for all things Cardano charts.

Just go to TapTools, click the Search bar, and input the name of the token you want to check. In this case, we’re using SUNDAE.

TapTools

Choose the correct token and click on it, and TapTools will show you the price chart for that token. By using TapTools, you will be able to keep track of the price and follow how your token is doing, as shown below:

TapTools Sundae

Interestingly, TapTools also has its own inbuilt decentralized exchange (DEX) for those who want to do everything in the same place. All you have to do is connect your wallet similarly to connecting to MinSwap as illustrated above, pick the token you want to swap to, enter the amount of ADA you want to swap, and click “Swap”. The DEX is visible on the right-hand side when you open the chart of a token.

Swap crypto Cardano

TapTools Swap

Conclusion 

Trading on the Cardano (ADA) network is quick and seamless due to its fast transaction speeds and low fees. However, like with any crypto trading, it does carry its own risk, which could be a partial or total loss of capital.

Posted on

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

[toc]

The Cardano Network is a decentralized proof-of-stake blockchain platform with smart contract support and uses its own native token ADA, just like the Ethereum blockchain. Cardano is often described as the Ethereum killer. However, Cardano also considers itself the updated version of Ethereum, which is currently the king of all altcoins, including ADA.

Cardano (ADA) The Supposed Ethereum Killer

It has been said that Cardano has anointed itself as a third-generation crypto platform which it regards to Ethereum as the second generation. Cardano has deemed itself fit to be a threat or competitor to Ethereum as they are both similar in so many ways, including the fact that Cardano (ADA) was created by one of the co-founders of Ethereum, Charles Hoskinson.

As Ethereum is having a hard time with high gas fees issues and slow transaction times, Cardano is all set up to take their share and make a name for themselves in the NFT, DeFI, and Stablecoin market. Cardano aims to be scalable and low-cost for users compared to Ethereum, its major competitor. 

It enables owners of their native token ADA to help operate the network and vote on changes to the software roles. A lot of developers now use the Cardano Blockchain for Smart contracts and building decentralized applications (dApps).

Cardano Continues To Evolve: Hard Forked From Byron To Shelley 

Cardano has been releasing its blockchain in stages with the aim of releasing better, cleaner, and more secure codes. They continued to evolve as the Cardano blockchain hard forked from Byron, a federated and static model, to Shelley, a more dynamic and decentralized model

A hard fork means or is described as a radical change in the blockchain, but in the case of Cardano, The blockchain hard fork was unique because instead of the blockchain radical change, it ensured a smooth transition from the old protocol to a new protocol while saving the history of the previous blocks. This means the Cardano blockchain contains the Byron blocks and after a certain transaction period, it adds the Shelley blocks.

Shelley was upgraded, and the Shelley protocol upgrade added a new feature that enabled different kinds of Smart contract use cases, which included the creation and transactions with multi-asset tokens. It also established support for the Voltaire voting mechanism. The Shelley protocol hard fork upgrade of March 2021 called “Mary” introduced native token and multi-asset support on the Cardano Blockchain. 

Mary allows users to create their own tokens that run on the Cardano network natively, just like Cardano’s native token ADA. Similar to the ERC20 tokens that can be created and transacted on the Ethereum network, Native tokens will open up this same functionality to Cardano.

How Does Cardano (ADA) Work?

The Cardano (ADA) Blockchain is made up of two main components, which are the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL).

The Cardano Computational Layer (CCL):

The Cardano Computational Layer (CCL) consist of the Ouroboros consensus protocol and Proof of stake, which are the backbone of the Cardano blockchain. They help to run smart contracts, it also ensures compliance and security. Lastly, allow other key advanced features and functionalities such as identity recognition and blacklisting.

The Cardano Settlement Layer (CSL):

The Cardano Settlement Layer (CSL) serves as the accounting layer of the Cardano blockchain where its native token holders can send and receive their ADA immediately with minimal transaction fees.

Blockchain Industry Issues Cardano Aims To Solve

  • To create a secure voting mechanism for token holders. 
  • To Separate accounting and computation layers. 
  • To create an infinitely scalable consensus mechanism. 
  • To use mathematics to provide a provably secure blockchain that is less susceptible to attacks. 

Benefits And Advantages of Cardano (ADA) Blockchain

Decentralization: The Cardano network is designed to promote decentralization, and the founder of ADA Charles Hoskinson, is confident that the network would be 50 to 100 times more decentralized than Bitcoin.

High scalability: The recent Cardano Blockchain Vasil hard fork solves scalability issues as it introduced critical updates that streamline transaction processing, ultimately increasing the transactions per second (tps) Cardano’s blockchain can handle to significantly boost transaction processing speeds, unlike Ethereum.

Multilayer security measures: Cardano has a multilayer architecture that separates the computation layer from the accounting layer and also the Ouroboros proof of stake algorithm reduces the surface attack and ensures good security without falling short on decentralization.

Low gas fees: Unlike Ethereum, Cardano has low transaction or gas fees which makes it more appealing to users and developers.

Environmentally friendly ecosystem: Cardano is designed to be accessible to all persons, no matter their level of skill, from novices to advanced users.

Strong Community: A project is as strong as its community and Cardano has a strong community of active users, developers, researchers, and founders all work together to make the project a very good one.

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

To see a full picture of the Cardano ecosystem, go to CardanoCube. CardanoCude has information on the applications on the Cardano Blockchain, ranging from DEXes to Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and Launchpads, in case you want to launch a project on the Cardano Blockchain. There are also Metaverse platforms, Gaming platforms, AI tools, Community & DAO, Developer Tools, Meme Coin, and so many more.

Cardano

To buy and sell tokens on the Cardano (ADA) network, you need to get a wallet. The official wallet created by the Cardano developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC secure wallet for the ADA cryptocurrency that downloads a full copy of the Cardano Blockchain, and it independently validates every transaction in its history, ensuring maximum security.

How To Install, Set Up, and Use DAEDALUS Wallet

Make sure you download the installation file from the DAEDALUS official website daedaluswallet.io. Once the website is open, click on “Download” and then choose your operating system: either macOS, Linux, or Windows. Start the downloading process by clicking on “Download DAEDALUS.”

Daedalus wallet

Install it, and once DAEDALUS is launched, you will need to configure the general settings and click on “Continue.” Read, and accept the terms and conditions. 

Download Daedalus

Please note that the blockchain must be completely synced before you can use your wallet.

Syncing crypto

To create a new wallet, click on the “Create” button, give your wallet a “Name,” and Create your “Spending password”. You will need your spending password later to make transactions. It will also Encrypt your wallet file in the dataless directory.

Cardano crypto wallet

After the setup, the “Recovery phase” page will pop up, and you will be given the 24-word secret phrase that you can use to recover your account in case your laptop is stolen or broken.

Recovery phrase

Ensure to write down your secret phrase and keep it in a safe place, after verifying your secret phrase your wallet is all set up.

Cardano Daedalus

Click on “Send” to send coins and Click on “Receive” to receive coins, select one of the automatic recipient addresses to receive your coins for other exchanges.

setup crypto

How To Use The Wallet Function On Minswap Instead Of Daedalus

Minswap is a multi-pool decentralized exchange (DEX) on Cardano (ADA) where you can swap tokens with minimal time, cost, and maximum ease.

Minswap

The Minswap website is user-friendly and easy to trade on. Go to the website, click on “Trade,” then click on “Connect wallet.” 

Connect wallet

You might not see the DAEDALUS wallet there, so just create a “MinWallet” by clicking on it, then click on “New Wallet.” Copy your 24-word secret phrase down, write it down in a safe place, verify your secret phrase, create your MinWallet password, Now your MinWallet is ready to be used.

Minswap Cardano wallet

How To Buy ADA On Centralized Exchanges And Send To Your MinWallet

You need some ADA tokens in your wallet to make your transactions. You can buy your ADA from centralized exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this case, we will use Binance.

Once the ADA is purchased, copy your MinWallet address, go to Binance, buy your ADA, and then go to “Withdraw.” Paste the MinWallet address you copied in the box to input your address, and Cardano will be automatically filled as your transfer network. Input the amount of ADA you want to transfer, then click on the “Withdraw” button.

fund wallet

How To Trade Crypto Tokens On MinSwap

To buy tokens, go to Coingecko and search for the token on the Cardano Blockchain Network you want to buy. Alternatively, you can go to the social media pages of the token you want to make sure you have the correct coin. Go back to MinSwap, click on the denominator token button, input the name of the token you want to buy, and select it.

Crypto wallet Cardano

Input the amount of ADA you want to swap for that token and swap it. If you want to sell, just switch their positions and swap.

Checking Prices Of Cardano-Based Tokens

Knowing how to check the price action of tokens when trading on blockchains such as Cardano is important for investors to make the best decisions. For the Cardano network, data trackers such as TapTools is the one-stop-shop for all things Cardano charts.

Just go to TapTools, click the Search bar, and input the name of the token you want to check. In this case, we’re using SUNDAE.

TapTools

Choose the correct token and click on it, and TapTools will show you the price chart for that token. By using TapTools, you will be able to keep track of the price and follow how your token is doing, as shown below:

TapTools Sundae

Interestingly, TapTools also has its own inbuilt decentralized exchange (DEX) for those who want to do everything in the same place. All you have to do is connect your wallet similarly to connecting to MinSwap as illustrated above, pick the token you want to swap to, enter the amount of ADA you want to swap, and click “Swap”. The DEX is visible on the right-hand side when you open the chart of a token.

Swap crypto Cardano

TapTools Swap

Conclusion 

Trading on the Cardano (ADA) network is quick and seamless due to its fast transaction speeds and low fees. However, like with any crypto trading, it does carry its own risk, which could be a partial or total loss of capital.

Posted on

Cardano Defies Bear Market As Smart Contracts Count Sees 10,000 Explosion

The Cardano network continues to defy expectations and prove its doubters wrong. This time, the network has hit a new milestone, which suggests that users are indeed taking advantage of its smart contract functionality. 

Cardano Sees Significant Increase In Smart Contract Usage

Data from Cardano Blockchain Insights has revealed an increase in the usage of Cardano’s Plutus V1 and V2 scripts. As of January 22, 24,050 smart contracts had been executed using these Plutus scripts. This is impressive, considering that this figure stood at 14,379 at the beginning of this year.

This recent increase can be traced back to January 9, when smart contract usage on the network really began to pick up. Specifically, the number of smart contracts executed on Cardano using the Plutus V2 scripts rose from 8,270 to 12,890 on that day. Since then, that figure has skyrocketed to 17,718. 

As expected, the Plutus v2 script is more widely used than its V1 counterpart, considering that the former is a newer generation of Cardano’s smart contract scripting language. Cardano introduced Plutus V2 to reduce user costs and enhance script throughput effectively. Meanwhile, this development no doubt further proves naysayers wrong. 

A recent report by crypto research firm K33 boldly asserted that there was no “proof of Cardano being used for anything.” K33 further suggested that a “group of bagholders” were the ones simply fabricating a majority of transactions on the network, and nothing meaningful was going on Cardano.

ADA price chart from Tradingview.com (Cardano smart contracts)

Cardano’s Utility Good For ADA’s Price

Dan Gambardello, the founder of Crypto Capital Venture, once highlighted how the Cardano network had improved since the last bull run. The network’s smart contract functionality was among the features he alluded to as undergoing a significant upgrade since then. Notably, these improvements form part of why he believes that ADA could rise to $11 in the next bull run.  

These improvements have indeed contributed to the ecosystem’s resurgence. Last year, the network saw a significant rise in its DeFi activity, and although there has been a decline recently, things are expected to pick back up soon enough. The network’s development activity also looks to be paying off, as Gambardello recently revealed that there is now Social Finance (SocialFI) on Cardano.

Members of the Cardano community will hope that a fiat-backed stablecoin can finally be introduced on the network. The introduction of a stablecoin is believed to be another factor that could help increase Cardano’s utility. This could also cause an inflow of new money into the ecosystem, something which could positively impact ADA’s price. 

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Crypto Analyst Predicts Cardano Price Will Climb 2,000% To Reach $11

Popular Crypto YouTuber Ben Armstrong has shared his bullish prediction for the Cardano (ADA) price. While giving his prediction, Armstrong also alluded to a recent ADA price prediction that crypto analyst Ali Martinez made. 

Armstrong’s Bull Case For Cardano Is $11

In a video posted on his YouTube channel, Ben Armstrong mentioned that his bull case prediction for ADA is $11. However, the crypto YouTuber didn’t share any analysis to back up his bullish sentiment. Instead, he only referred to an earlier ADA analysis that Martinez had shared as part of his prediction of ADA hitting $7. 

In his analysis, Martinez highlighted how ADA was currently mirroring its “late 2020 behavior.” He further elaborated on how ADA could hit $7 if history were to repeat itself. According to him, if that were to happen, then ADA would resume an upward trend in April, while a pattern continuation will ultimately lead to the crypto token hitting that price level. 

Meanwhile, Armstrong isn’t the only one who believes that the Cardano price could rise to as high as $11. Dan Gambardello, the founder of Crypto Capital Venture, had previously predicted that ADA would hit this price level at the peak of the next bull market. Unlike Armstrong, Gambardello provided deeper insights as to why he holds this belief. 

He explained how Cardano has more functionalities now, unlike in the previous bull run. This includes the features that have allowed the DeFi landscape on the network to grow since 2021. The analyst also highlighted similarities between Ethereum and Cardano’s development while hinting that ADA could mirror the run that ETH enjoyed in the last bull run. 

ADA Getting Ready For The Next Bull Run

Gambardello, who once hinted that the next bull run was going to begin after the Bitcoin Halving, recently noted in an X (formerly Twitter) post that the bottoming out structure for Cardano was getting reading for this event. He highlighted how ADA cools off prior to the Halving event. According to him, this is “so bullish for ADA” as it possibly prepares for a move to the upside. 

In the meantime, he hinted that ADA could experience a 30 to 40% move to the downside as it looks to consolidate with Bitcoin and the broader crypto market. Gambardello had previously mentioned that he wasn’t concerned by ADA’s price action and still wouldn’t be even if ADA were to drop below its current price level. 

At the time of writing, ADA is trading at around $0.49, down over 3% in the last 24 hours, according to data from CoinMarketCap. 

ADA price chart from Tradingview.com (Cardano crypto analyst)

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Analyst Predicts Cardano Future Using Historic Trends, And It’s Very Bullish

A crypto analyst has provided insights into why this year will be “massive” for Cardano (ADA) based on historical data. The analyst also highlighted how patience was key, as ADA could replicate a similar run like the one it did when it saw a gain of 8,288% following about two years of consolidation. 

2024 Could Be Another Breakout Year For Cardano

In a recent video, the analyst behind the Crypto ZX YouTube channel alluded to ADA’s history as he provided a bullish narrative for the crypto token in this new year. He spoke about how Cardano launched at the peak of the 2018 bull market but didn’t make any significant gains until two years later. 

ADA is said to have broken below the $0.11 support months after its launch and ranged within that time frame from around August 2018 to June 2020. After that, things began to pick up for the crypto token as it went up by 8,288% on its way to hitting its all-time of $3 in 2021.

Based on this, the analyst urged ADA investors to be patient as he expects ADA to break out anytime soon and enjoy a parabolic move. He warned these investors against being like those who currently have regrets about not holding when ADA was at its lowest, considering that some of those who held made millions. 

Cardano price chart from Tradingview.com

One Last Chance To Accumulate Before The Next Bull Run

The Crypto ZX analyst mentioned that the bear market cycle ends at the 78.6 Fibonacci retracement level. However, he noted that ADA is currently struggling to break that level as the selling pressure around that range is huge, and there is not enough demand for ADA. Going by previous cycles, he stated that “explosions” could come by May or June.

In his opinion, though, he believes that Cardano could get to that Fibonacci level before those months. However, he doesn’t expect “massive moves” until May at least. With this in mind and the fact that there could be another “shake-off” before Bitcoin Halving, the analyst believes this is a great opportunity to accumulate as many ADA tokens as possible. 

Meanwhile, the “exciting times” will be in the third and fourth quarter of the year, as that is where this crypto analyst is personally targeting (possibly to take profits). He also predicted that this bull market would be the biggest of all time as he believes that other cryptocurrencies, including Cardano, could get their Spot ETF. 

At the time of writing, ADA is trading at around $0.532, down in the last 24 hours, according to data from CoinMarketCap. 

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Crypto Research Firm Says ‘Sell All Your Cardano (ADA)’, Here’s Why

K33 Research, a prominent entity in the cryptocurrency research sector, has released a scathing report on Cardano (ADA), sparking widespread discussion in the crypto community. The report bluntly advises investors to divest from Cardano, citing a lack of meaningful use for its native token, ADA.

Sell All ADA Now?

In a detailed examination, K33 Research asserts that the Cardano network suffers from a significant lack of practical application, which is essential for the inherent value of its native token. The report states, “A smart contract network needs meaningful use for its native token to have any value. The Cardano network, however, has no meaningful use or any credible track to get it.”

Addressing the counterargument often presented by Cardano supporters regarding the network’s daily transactions averaging around 90,000, the report argues that these do not equate to meaningful blockchain activity. The report further elaborates, “There’s nothing else going on in the Cardano Network than exchange transfers and a group of bagholders fabricating blockchain activity.”

K33 Research highlights the absence of external evidence supporting any significant activity on the Cardano network, contrasting it with other protocols where real activity is corroborated by external proofs. This lack of external validation is termed as ‘proof by contradiction’ by the research firm.

One of the most telling indicators of inactivity, according to the report, is the situation of stablecoins on the Cardano network. K33 Research points out that the absence of major stablecoins like USDT and USDC on Cardano is a clear indicator that no meaningful decentralized finance (DeFi) activities are taking place. The only stablecoins present are reportedly Cardano-collateralized and valued at 76 cents to the dollar, which it refers to as “another word for nothing.”

network stablecoin value relative to market cap

Future Outlook For Cardano

K33 Research is pessimistic about Cardano’s future, drawing parallels with other blockchain projects that started with no traction and later faded into irrelevance. The report notes that successful blockchains evolve over time, whereas “creationistic, grand idea, subsidized bootstrapping, and no real use-blockchains” eventually lose their luster. It cites examples like IOTA, NEO, and EOS to illustrate this pattern.

Despite Cardano’s current market valuation of $19 billion, K33 Research attributes this to its availability on various exchanges and its appeal to new crypto investors. The report critiques the narrative surrounding Cardano, describing it as “scientific mumbo-jumbo” that might mislead newcomers.

“Ada is a well-established coin that is tradeable ‘everywhere’, also on smaller local exchanges, making it one of the coins that are ‘pushed’ to aspiring crypto investors. Cardano also has an enticing story for newcomers, with Cardano being branded as ‘the peer-reviewed research-driven blockchain network’,” the report mentions.

However, K33 Research foresees a decline in this allure, predicting that the number of new investors attracted to Cardano will dwindle. Moreover, K33 Research casts doubt on the long-term viability of ADA, citing a lack of rally in its price compared to other strong smart contract tokens during recent market rallies.

“Ada has not rallied in line with other ‘stronger’ smart contract tokens when markets have improved,” the report states, suggesting a gradual fade from relevance rather than an abrupt disappearance.

Drawdowns since September 2021

According to K33 Research, the market doesn’t rapidly eliminate such coins but instead “bleeds them out” over time. The report concludes, “Things never happen overnight, and these processes often take years to play out fully. Still, all price signals also point to Ada gradually disappearing from the crypto map.”

At press time, ADA traded at $0.531.

Cardano price

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Is Cardano The Next Solana? Institutional Investors Clamor For ADA Exposure

Crypto asset investment products started the year on a positive note, with Cardano making a comeback despite going on a price decline last week. According to the latest digital asset fund flow from CoinShares, crypto products saw total inflows of $151 million in the first week of 2024. 

Unsurprisingly, a larger part of this inflow went into Bitcoin, with Ethereum closely following behind. However, Cardano products also picked up steam during the week, attracting notable inflows compared to other altcoins. 

Cardano Attracting Institutional Altcoin Investors

Institutional investors poured a notable $3.7 million into Cardano-based investment products last week, far greater than its average in 2023. Aside from Ethereum, which received a $29.6 million net inflow, Cardano saw the most inflow among altcoins, followed by Avalanche with $2 million.

Litecoin and XRP also saw modest inflows of $1.3 million and $0.9 million respectively, while multi-asset products received a net inflow of $5.4 million. 

It would seem most of the attention Solana received in 2023 was diverted into Cardano in the week. According to previous weekly reports, Solana frequently saw the most weekly inflow in the last quarter of 2023, even surpassing Bitcoin and Ethereum at some point. 

However, it would seem this sentiment failed to show itself in the first week of the year, as data from CoinShares showed Solana registered a net flow of $5.3 million. Similarly, Short Bitcoin products saw a net outflow of $1 million, pushing its total outflows over the last nine weeks to $7 million.

As stated earlier, Bitcoin received the most inflows. Bitcoin started the year with a weekly net inflow of $113 million, and inflows over the last nine weeks representing 3.2% of assets under management. Blockchain equities have also had a good start to the year, seeing US$24m inflows over the last week.

In terms of geographical location, the US saw the most activity. Exchanges in the country saw a weekly net inflow of $83 billion, representing 55% of the total inflow. Germany and Switzerland followed with $32.5 million and $24.9 respectively, representing 21% and 17% of the total inflow.

Cardano price chart from Tradingview.com

What’s Next For ADA?

The report from Coinshares attributes the inflow to proponents of spot Bitcoin ETFs who continue to push a bullish sentiment for the cryptocurrency pending approval in the US. Now that these ETFs have been approved, it is up to the market to determine what they bring to the table.

Cardano has also largely benefited from a steady growth in its ecosystem, development activity, and in DeFi. At the time of writing, Cardano (ADA) is trading at $0.5926. The crypto has outperformed most large market cap altcoins in the past 24 hours and is up by 15.55% in the timeframe. According to various predictions, Cardano (ADA) is set for a surge in 2024 with one analyst forecasting a price target of $6.

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Cardano Price Explosion: Crypto Analyst Predicts ADA Price To Hit $6

Crypto analyst Ali Martinez has predicted an outstanding long-term price for Cardano (ADA), although subject to some downside before the target is reached. The Cardano (ADA) price is currently declining, down by 4.2% in the past 24 hours and 16.7% in a larger timeframe. The crypto did manage to turn bullish for a few hours yesterday, jumping 14.6% from a low of $0.4727 to $0.5421. 

Most of this price gain has been shed off and the crypto is now trading at $0.5079, confirming an ongoing consolidation. However, according to crypto analyst Ali Martinez, Cardano’s current consolidation mirrors that of its 2018-2020 phase, which is preparing the groundwork for a strong bull run.

ADA Mirroring Its Past Performance

Cryptocurrencies are known to repeat previous price actions, giving analysts an idea of what to expect based on the outcome of the previous performance. In this vein, a Cardano technical analysis shared on social media platform X by Ali Martinez indicated that ADA’s current consolidation is reminiscent of ADA’s price action whose breakout led to a 2,980% price surge. 

According to the weekly timeframe chart shared by Martinez, ADA consolidated for 665 days between 2018 to 2020 before going on a price surge to reach $3.058, its current all-time high. If a repeat of this pattern were to successfully play out, we might see ADA continue to consolidate around this level until April. Consequently, a repeat of a 2,980% price surge from the current price would put a price target around $15.

Cardano price chart from Tradingview.com

Current State Of Cardano

Cardano went through a price surge in the last quarter of 2023, mirroring a surge in July 2020. As a result, ADA recorded a 173% gain from $0.2435 in October to a yearly high of $0.6655 in December. However, the crypto has been on a decline since then. A recent larger decline among altcoins has also contributed to a further price decline.

On-chain data from IntoTheBlock shows that 47.45% of ADA addresses are currently making a profit. Notably, an interpretation of Martinez’s technical analysis of Cardano points to this number stalling at least until April. For long-term believers in ADA, the current consolidation is an opportunity to increase their holdings for the next bull run.

Cardano still remains one of the most actively developed blockchain ecosystems, and a new report shows that development activity has outpaced that of Ethereum and Avalanche in the past 30 days. 

A continuation of this growth coupled with a few other bullish market factors like the potential approval of Spot Bitcoin ETFs in the US could lead to ADA going on a sustained price surge before April.

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Crypto Analyst Predicts Dramatic Rise In Cardano (ADA) Price, Here’s The Target

Crypto analyst Guy Turner has predicted that Cardano (ADA) could experience a significant price surge soon enough. The analyst also gave an insight into what price levels the crypto token could hit when this happens. 

Cardano To Rise To $1

In a video posted on his YouTube channel, Turner mentioned that ADA could rally to as high as $1 as that is the next significant level of resistance. The analyst’s projection is based on the fact that ADA’s weekly chart suggests that the crypto token is in the process of painting a bull flag. 

A rise to $1 doesn’t seem impressive to the analyst as he alluded to SOL’s price, which has seen incredible gains from its past lows. The crypto analyst highlighted Cardano’s fundamentals as one reason why it has continued to underperform. According to him, the supply of the token seems to be outweighing the demand for it.

He also singled out Cardano’s founding entities, IOG, EMURGO, and the Cardano Foundation, for contributing to a lot of sell pressure for the crypto token. These organizations are said to be selling a huge chunk of their ADA holdings to fund their operations. The silver lining is that this supply and demand dynamics doesn’t look to have impacted ADA’s price too much, Turner said.

Meanwhile, he sounded bullish on Cardano in the long term as he noted that the interest rates, which have had more impact on ADA’s price, are likely to keep declining. As such, the crypto analyst believes that the crypto token could continue to rally alongside the rest of the broader crypto market despite its poor fundamentals. 

Cardano ADA price chart from Tradingview.com (Crypto analyst)

Will ADA Hit New All-Time Highs This Year?

Turner further stated that whether or not ADA will hit new all-time highs this year will depend on its upcoming milestones. One of them happens to be the CIP 1694, a proposal that has been in focus in the Cardano ecosystem over the last year. Having been voted upon and passed, the CIP 1694 is set to be implemented with the Chang Hard Fork set to take place early this year.

Another milestone, which Turner considers the most important of them all, is the likely introduction of Cardano’s first fiat-backed stablecoin this year. IOG is said to be working on their stablecoin project, which could be released soon enough. Mehen Stablecoin’s USDM, which Turner referenced in his video, is also billed to launch in the first quarter of this year. 

Following the release of Turner’s video, Mehen provided further updates on the USDM launch. They stated that the stablecoin is currently at the final stage of the audit. Once that is done, they plan to announce a final launch date. 

The introduction of Cardano fiat-backed stablecoin is an important milestone as it can further boost the DeFi landscape on the network. The crypto analyst highlighted that it is “very difficult” to grow decentralized applications (dApps) on the network without the help of liquid fiat stablecoins.