Interesting Cardano (ADA) Price Predictions: How Likely is a New ATH? (Analysts Speculate)

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As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen numerous cryptocurrencies rise and fall like waves. However, Cardano (ADA) has managed to catch my attention due to its impressive performance lately. The surge last month, reaching $1.12, was nothing short of remarkable, especially considering it was the highest mark in over two years.

TL;DR

  • Cardano’s ADA surged substantially last month and reached $1.12. Analysts predicted a further rise above $1.20 and long-term targets up to $5.
  • Daily active addresses hit a 17-month high, signaling increased network engagement and potential for additional price growth.

ADA to Resume the Rally Soon?

Cardano’s ADA cryptocurrency has shown impressive growth over the past month, witnessing a rise of nearly 180% in its value. On November 23rd, it reached an unprecedented high of $1.12, a level not seen in over two years. However, due to the recent market correction, ADA is currently trading at around $0.88.

Many analysts and influential industry players appear unphased by the recent dip, anticipating potential future highs. User Mihir pointed out a “double bottom” on the one-hour chart, suggesting that Cardano (ADA) could be preparing to surge past $1.20.

Additionally, Sssebi and Jake Gagain also contributed their thoughts. Sssebi expressed that such retreats could be beneficial for ADA following such strong market momentum. In fact, he stated that he would purchase more tokens if the price falls to $0.80.

Crypto content creator Jake Gagain forecasts that he will join the ranks of the most optimistic investors, predicting a surge to a record-breaking high of $5 during this market cycle.

Dan Gambardello added his perspective as well. He pointed out that despite not having its native token feature at the time, Cardano (ADA) still managed to soar up to $3 during the previous bull market in 2021.

He also mentioned that currently, Cardano is a serious candidate to serve as a global federal election and financial management system.

Remember that Charles Hoskinson, the founder of Cardano, recently announced plans to collaborate with the Trump administration to create more beneficial and all-encompassing crypto regulations in 2025. Interestingly, this announcement sparked a significant surge in ADA’s price rally.

This Metric Signals Good News for Bulls

Despite ADA’s substantial retreat in the past 24 hours, some on-chain indicators suggest that the price might head north soon. One of those is the increase in the daily active addresses.

On November 25th, the usage of Cardano’s blockchain reached its peak level since June 2023, as reported by IntoTheBlock. This surge indicates an increase in user activity, including transactions, smart contract deployments, and interactions with decentralized applications (dApps). With this heightened engagement, there could potentially be a rally in the price of the underlying asset.

Currently, we’ve just shared a new video highlighting some significant advancements related to Cardano. Take a look for yourself right here:

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2024-11-26 15:36