Cardano (ADA) On A Roll This Past Weekend

Altcoins have been making a killing recently while the mass media is on the lookout for the next move of Bitcoin (BTC). Riding on the coattails of its surging prices are XRP, Solana (SOL), Luna Classic (LUNC), and Cardano (ADA) — the last being the MVP this past weekend.

Cardano Now

As of this writing at 9:00 PM UTC on Sunday, Cardano is trying to establish a solid ground above the $0.60 mark. It’s showing around 3% increase in the 24-hour chart as it moved between $0.57 and $0.60.

ADA also displays a nearly 4% increase in its market cap within the period, currently at $21.34 billion. However, trading volume seems to have been tamed, indicating a drop of around 50% as the numbers dipped to $1.15 billion in the same span.

Are people on a HODL (Hold On for Dear Life) for it now because of hope that it will further rally? Well, there is growing optimism that it may not be long until it reaches $1, so the diamond hands are certainly at play here.

So far, ADA has seen a major resurgence this week as it grew by 54%. Meanwhile, zooming out the charts reveals a 60% monthly gain as it pumped from $0.34 to $0.64. Looking at the bigger picture exhibits a whopping 93% increase from the token’s valuation in the past 52 weeks as it went from 0.23 to 0.64.

Where is it Heading Next?

Cardano is still 80% below its all-time high of $3.10 in September 2021 but the one-dollar target appears to be the most plausible journey for the coin this month or next if its bull run continues. Digital Coin Price thinks this may be the case by the end of December 2023 with a prediction of $1.29. But then again, the bullish sign comes with a caveat due to the crypto fear & greed index suggesting a high greed score of 74 points, which is gearing to a higher tendency of a market correction.

In contrast to the bullish sentiments of the crypto community is Finbold with its price estimate of 51 cents for ADA going to 2024. That couldn’t be any worse than Wallet Investor’s grim forecast of 23 cents that will surely turn most of us who are rooting for the token into bag holders.

The latest warning comes from Bitcoin analyst and CMCC Managing Partner Willy Woo. In his X post, BTC may retrace its steps around the $40,000 mark to “fill CME price gap,” with prices eyed between $39.7K and $41K.

Time and again, the key actions of Bitcoin are often mirrored by altcoins, and this does not bode well for Cardano using this reasoning alone. That’s unless we get a hype-worthy announcement from the Cardano Foundation soon.