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Tron Weekly

03/06/2024

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Cardano's Advance: Closing In On $1, 28% Remains

You are here: Home / News / Cardano’s Advance: Closing in on $1, 28% Remains The eighth-largest cryptocurrency by market capitalization, Cardano (ADA), has been rising steadily in recent weeks, reaching a...

Cardano's Advance: Closing In On $1, 28% Remains

You are here: Home / News / Cardano’s Advance: Closing in on $1, 28% Remains

Cardano

The eighth-largest cryptocurrency by market capitalization, Cardano (ADA), has been rising steadily in recent weeks, reaching a high of $0.799 on March 4. ADA experienced a remarkable 3,217% increase from November 2020 to August 2021, hitting record highs of $3.08 before going through a period of consolidation. But after this spike, the price fell, which made Cardano decide to start consolidating again. Many cryptocurrency experts are analyzing ADA’s future course, and many of them have positive predictions about when it will finally cross the $1 mark.

Ssebi, one such analyst, has presented a unique study that emphasizes the possibility that ADA may soon approach $1. Ssebi has gone into detail about how, given the present momentum in the season’s ongoing bull cycle, Cardano is predicted to climb tenfold.

The well-known expert published a chart on X that shows how Cardano is only 28% of the way to hitting $1. According to the supplied graph, it appears that ADA has reached $0.78076. Ssebi believes that if the current bull market continues, it won’t be long until ADA crosses the $1 threshold. Ssebi also mentioned the following on his tweet,

The blue circle is where $ADA was last cycle when $BTC was breaking it's all time high.$ADA did a 17x increase from that point to it's ATH.
I think we are going to see around 10x this cycle from the current price. pic.twitter.com/Q3Q8kntd9z

— Sssebi🦁 (@Av_Sebastian) March 5, 2024

Based on statistics from CoinMarketCap, the price of ADA is currently $0.76, which represents a 1.54% decrease over the last day. According to analysis, Cardano has risen significantly over the last 30 and 7 days, by 54% and 23%, respectively, during the current bull market.

Cardano Price Trend Points to Significant 2,084% Upsurge

As ADA gains traction, investors are keeping a watchful eye out for the possibility of significant price fluctuations. Cardano looks to be following a trend reminiscent of its prior bullish cycle, according to cryptocurrency analyst Ali. Based on this historical pattern, Ali hypothesizes that if ADA keeps going in the same direction, there may be a little down in price before a possible steep rise towards the $10 mark. At the time of writing, the value of ADA had increased by 24.26% for the week, but had decreased by 0.41% during the previous 24 hours to settle at $0.772.

If ADA were to rise to $10 from its current levels, that would represent an astounding 2,084% increase. Ali noted in a tweet over the weekend that Cardano’s upward trend seems to be sustainable, citing a notable increase in the number of daily active ADA addresses, transaction volume, and transactions from ADA whales. This increased activity is indicative of significant network participation and investor enthusiasm, both of which are favorable signs for continued growth.

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