cryptoticker.io
Cardano (ADA) price has been gaining attention as its price steadily rises, with eyes set on reaching the $0.50 mark. This growth is drawing interest from investors who see potential in the cryptocurrency’s strong foundation and future developments. In this article, we’ll explore what’s driving ADA’s price increase, why it’s catching the eye of the crypto community, and whether this could be a good time to invest.
Cardano Price is Rising Steadily
Cardano is currently priced at $0.353342, with a 24-hour trading volume of $750.31 million, a market cap of $12.35 billion, and holding a market dominance of 0.53%. Over the past 24 hours, ADA's price has dropped by 1.74%.
Cardano hit its peak price on September 2, 2021, reaching an all-time high of $3.10. On the other hand, its lowest price was $0.017354 on October 1, 2017. Since its all-time high, the lowest point ADA has reached was $0.234392 (cycle low), and the highest since that low was $0.806108 (cycle high). Currently, market sentiment around Cardano remains bearish, while the Fear & Greed Index shows a score of 73, indicating a state of greed.
The circulating supply of Cardano stands at 34.96 billion ADA out of a maximum supply of 45 billion. Over the past year, the supply increased by 1.14 billion ADA, reflecting a yearly inflation rate of 3.36%.
Cardano's Potential for Long-Term Growth and Near-Term Gains
Investing in Cardano (ADA) could prove profitable due to its strong foundational utility within the blockchain ecosystem. Despite underwhelming performance this year and its price struggling to break above $0.40 since late April, Cardano remains a solid project with a growing infrastructure.
This utility provides stability for future growth, making it less speculative than meme coins that often yield quick but unsustainable returns. The fact that Cardano operates on a robust proof-of-stake consensus model and has ongoing upgrades, such as smart contracts and decentralized applications (dApps), positions it for long-term growth once market conditions stabilize.
From a short-term perspective, ADA's current price presents a potential buying opportunity. Its low price could attract increased interest from large investors (whales) if the broader crypto market continues its upward trend. The 2% price gain over the last week indicates that ADA may be gaining traction, offering a potential upside in the near future.
As market sentiment improves and more investors look beyond speculative assets to more fundamentally sound projects like Cardano, there could be an influx of capital that boosts ADA’s price, particularly if market confidence continues to build. Therefore, investors entering at this stage may benefit from significant price appreciation if bullish market momentum continues.
Cardano Price Prediction: Can It Reach New Highs?
Cardano's price potential is closely tied to its recent performance and market conditions. Over the past year, ADA has increased by 41%, showing resilience despite a volatile market. With 15 green days in the last 30, Cardano has demonstrated consistent short-term gains, suggesting that there is underlying support for its price.
The asset’s high liquidity relative to its market cap also makes it easier for large transactions to occur without significantly impacting its price, which is a positive indicator for future growth. However, it’s worth noting that ADA has been outperformed by 65% of the top 100 cryptocurrencies, as well as major players like Bitcoin and Ethereum, reflecting a slower recovery compared to other assets.
While Cardano is currently trading below its 200-day simple moving average, a bearish indicator that signals caution for investors, its strong fundamentals still offer hope for price recovery. Cardano’s price is down 89% from its all-time high of $3.10, leaving significant room for growth should market conditions improve.
If ADA can break above key resistance levels and ride broader market momentum, it could recover to higher levels, with $0.50 being a realistic short-term target. Longer-term, as the blockchain ecosystem continues to expand and gain adoption, ADA could push towards $1, but this will depend on a combination of technical indicators turning positive and an overall bullish sentiment in the crypto market.
However, Cardano’s 3.36% yearly inflation rate means more tokens are entering circulation, which could exert downward pressure on the price if demand doesn’t keep pace. To reach higher price levels, Cardano will need to attract sustained investment and network activity, leveraging its ecosystem growth.
While ADA has faced some setbacks, its strong liquidity, increasing network utility, and room for growth from its current price level suggest that it has the potential to climb significantly, particularly if macroeconomic conditions favor the broader cryptocurrency market.