As a seasoned crypto investor with a penchant for spotting undervalued gems, I must say, the recent surge of Cardano (ADA) has caught my attention like never before. The last time ADA was trading above $1 was back when Bitcoin was still struggling to break the $20k barrier.
In my latest analysis, following the recent market consolidation, I’ve observed a significant resurgence in Cardano‘s price action over the past 12-24 hours. This bullish momentum has propelled Cardano past the $1 mark for the first time in over two years, marking a substantial milestone in its journey.
Through this development, the market value of ADA has climbed nearly to $40 billion, as reported by CoinGecko, positioning it as the 8th largest cryptocurrency when ranked by market capitalization, having surpassed USDC’s $38.8 billion.
ADA’s Recent Rally
It seems like everything kicked off roughly two weeks ago when Charles Hoskinson, the founder of IOG, announced his intention to collaborate with the Trump administration in 2025, focusing on shaping a more advantageous and equitable cryptocurrency policy within the US. This announcement led to an impressive surge in ADA’s value, with daily increases reaching up to 30% and the price approaching $0.6.
In the ensuing weeks, Hoskinson carried on with his discussions and dropped hints about a significant development, and ADA’s value steadily rose. It broke past $0.72 last weekend, sparking debates among investors about whether it might potentially surge beyond $1, similar to XRP.
As an analyst, I’ve observed that for several days, the price of ADA held steady around $0.8. However, on Friday evening, it surged again, propelling the price to $0.9. The bulls have been relentless, driving ADA past the $1 milestone some hours ago. Furthermore, this morning, the asset reached a 2.5-year high of $1.15 before slightly pulling back to $1.08.
In the last month, ADA’s value has increased more than twice (doubled), coming in at a close second, just behind Dogecoin, whose growth among the top fifteen cryptocurrencies reached an impressive 230%.
Can it Go to $10?
After reaching $1 during the current cycle, cryptocurrency experts and pundits have been pointing out potential future price points for Cardano (ADA), with a commonly suggested target being a rather ambitious $10.
See you at $10 #ADA
— Deezy.eth (@deezy_BTC) November 23, 2024
If the current supply of ADA stays constant, having a price point of $10 per token would approximately boost its market capitalization to an impressive $400 billion. This significant increase in value would position ADA comparably to Ethereum, currently boasting a similar market cap.
To reach that destination, however, ADA would have to surpass several resistance points along the journey. Key hurdles include the historical peak of September 2021 at $3.09 (as per CoinGecko data) and the projected level of $3.5, as suggested by Beastlorion in his engaging chart on X.
$ADA Bull target this cycle: I’m thinking $3.5 on the low side, $10 on the high side.
What do you think?
— Beastlorion️ (@Beastlyorion) November 20, 2024
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2024-11-23 09:40