Cardano price could be on the precipice of a massive upside move as Bitcoin eyes an ambitious $300,000 milestone. Analysts have speculated how this could happen in the next 10 to 18 months as BTC’s price looks to clear an 8-month consolidation zone. Can Bitcoin’s momentum drive the price of Cardano to $5 and beyond?
Why Is Cardano Price Up Today?
On October 29, the ADA price increased by 4.6% to trade at $0.3491 during the London pre-market hours. This increase is likely attributed to Bitcoin’s surging above the psychological resistance level of $70,000, which has investors hoping for a new all-time high in the coming days. The crypto market is up 2.5%, with meme coins leading the rally.
Additionally, analysts foresee Cardano price surging in the future as they recently announced an ADA-BitcoinOS bridge that could capitalize on the $1.4 trillion BTC market by bringing DeFi to the king of crypto
BitcoinOS Makes Cardano:
☑️A DeFi Layer for Bitcoin
☑️A Privacy Layer for Bitcoin
A $1.3 trillion opportunity, all accessible using BTC as gas. Bitcoiners won’t even know they’re using ADA.
“BitcoinOS is probably the biggest news item Cardano has ever had.” – @IOHK_Charles https://t.co/jsZ40UU7ht pic.twitter.com/uv9nQGHZJi
— BitcoinOS (@BTC_OS) October 28, 2024
This news has caused Cardano’s social dominance to surge, leading to the ‘Cardano’ term trending on X. Spikes in social dominance suggest that an asset is being heavily discussed on social media platforms, and if the discussions are positive, they are usually followed by a price increase.
With Bitcoin price rising, speculation on how Cardano becoming a Bitcoin L2 could pump the price of ADA has saturated the crypto space.
Will ADA Price Hit $5 If Bitcoin Soars to $300K?
Famous crypto analyst PlanC has predicted, using his popular Power Law indicator, that Bitcoin price will reach $150,000 to $300,000 within the next 10 to 18 months. He notes that the last eight months have been a healthy consolidation, and once BTC breaks above the $80,000 mark, “the probability of ever dropping below $60k will be extremely low.”
Once Bitcoin breaks $80,000…
I predict there will be a very low probability
of BTC ever dropping below $60,000 again.
— PlanC (@TheRealPlanC) October 29, 2024
Crypto trader Zach Humphries thinks Cardano price will set new all-time highs around $5 during this cycle. This would push the ADA market cap to around $178 billion, with 35 billion coins circulating.
This prediction is likely since the highest price Cardano has ever reached was $3.10. Currently, ADA is 89% down from the ATH, presenting a massive 1300% potential increase from the current price.
If Cardano founder Charles Hoskinson executes his vision with BitcoinOS to bring BTC into the crypto fold, the price of ADA will soar even higher than $5.
Cardano Price Analysis: Key Levels To Watch
Cardano price action is not pretty, even though the market is green. The asset is up only a few percentage points, but the market structure is mostly bearish, with several strong resistance levels up ahead.
However, this should not be a worrying factor, as ADA prices have been known to surge aggressively during bull markets.
Key levels to watch include $0.43, which marks the immediate resistance, and beyond that, $0.67, which coincides with the 78.6% Fibonacci retracement level. Conversely, Cardano may find support between $0.20 and $0.3 if bears push the price down.
While analysts are extremely bullish on the ADA price in the long term, the short-term prediction for the asset is neutral to slightly bullish. However, this outlook can change at any moment if market conditions shift. A clear breakout above $0.67 will change the outlook to extremely bullish, while a break down below $0.3 will turn the prediction bearish.
Frequently Asked Questions (FAQs)
Cardano’s price recently increased by 4.6%, likely due to Bitcoin surpassing the $70,000 mark. This rise in Bitcoin’s price often boosts the broader crypto market, with meme coins and other assets like Cardano gaining as well.
Many analysts suggest that Cardano (ADA) could reach or exceed $5 if Bitcoin achieves $300,000. The correlation with BTC and potential developments, like the ADA-BitcoinOS bridge, are strong drivers that could propel ADA to new highs.
The ADA-BitcoinOS bridge is a project aiming to connect Cardano with Bitcoin’s vast market, allowing decentralized finance (DeFi) services to tap into Bitcoin’s ecosystem. This could significantly boost ADA’s value by increasing its use and visibility in the crypto space.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
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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