Cardano price was up more than 2% today, amid a positive sentiment hovering in the broader crypto market. Besides, the recent rally and optimistic outlook from the top market experts have also sparked optimism over a potential rally of ADA to $1. However, it’s worth noting that crypto has witnessed volatile trading lately, which has also weighed on some investors’ sentiment.
Why Is Cardano Price Rising Today?
There could be a flurry of factors in play behind the recent rally of Cardano’s price. For instance, the upward momentum in the broader crypto market has fueled the prices of the top altcoins recently, indicating the shifting market focus towards digital assets.
On the other hand, recent ADA whale activity has also sparked market optimism. According to recent data by IntoTheBlock, Cardano has noted a significant uptick in its large transaction counts, indicating a high trading activity of the coin.
In addition, the crypto has also been on the investors’ radar since early September when the Chang Hard Fork upgrade went live. It marks a major milestone for the network, making it more appealing to investors seeking complete decentralization.
On the other hand, the price surged today amid anticipation surrounding the network’s next upgrade. Founder Charles Hoskinson recently revealed plans to “massively improve” the network, following the Ouroboros Peras protocol unveiling.
Simultaneously, the Cardano Summit kicked off in Buenos Aires, Argentina, generating massive hype. The event’s keynote speaker, President Javier Milei, known for his pro-crypto stance, underscored Cardano’s importance.
Will ADA Hit $1 In The Next 70 days?
The recent positive developments along with the surge in Cardano price reflect the growing confidence of the market participants. However, looking at the current price level, it seems that it will take more than 70 days for ADA to hit $1.
Despite that, in a recent update, popular crypto market expert Dan Gambardello predicts an ADA rally to $0.5 by October end. This has sparked optimism among investors, as evidenced by the recent price surge.
Meanwhile, a recent Cardano price analysis hints that if the crypto could breach the $0.4 mark, it could potentially rally to $1 next. Having said that, it seems that ADA could target $1 if it reaches $0.5 by October end, as per Gambardello’s forecast.
Besides, another top analyst has recently said that Cardano price is bottoming, which might trigger a rally in the coming days. Considering all these aspects, it appears that ADA price could target $1 in the long run, but it might face challenges to reach the level in 70 days.
ADA price was up today 2.34% and exchanged hands at $0.3543, with its trading volume declining 22% to $195.64 million. Notably, the crypto has touched a high of $0.3566 in the last 24 hours.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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