Cardano’s (ADA) recent rally is a result of the uptrend in the crypto markets. It has risen by 22.4% on the weekly charts, 21,9% on the 14-day charts and 51% in comparison to the previous month. ADA’s recent rally is probably due to Bitcoin (BTC), which is moving closer to its record high of $69,000. BTC currently trades at $66,800, which is just 3.1% off its peak in 2021.
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When speaking of Forbes, Gracy Chen, Managing Director of Bitget, stated, ‘ADA‘s staking grew by 300% in just one year. Around 22,79 billion ADA was staked. That’s a staking percentage of 63%.‘
Also Read: Cardano: ADA Won’t Trade Below $1 Much Longer, Says Analyst
Moreover, Chen highlighted, ‘Recent data suggests that the daily user numbers have been trending towards 60,000.‘
Chen added, ‘In the short run, ADA‘BTC is not the only option.‘A limited trend appears to be prevailing. There is a clear resistance near $US0.6.‘
Cardano’s (ADA) price has already surpassed resistance at $0.6 and is now trading around $0.76.
Cardano (ADA), will it reach $1 in March 2024?
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ADA is currently 31,5% from the $1 mark. A further 75% has been lost from the asset’s all-time peak of $3.09 which was reached in September 2021.
CoinCodex estimates that ADA’s maximum price could be $0.852544. To reach $0.85 at current levels would represent an increase of approximately 11.8%.
Also Read: Cardano Boom: Analyst Draws Parallels on Why ADA is Better Than ETH
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ChangellyCardano’s (ADA) maximum price is $0.80677, and it could be reached on March 18th. Changelly also predicts that ADA will fall in price after it reaches $0.80 this month. The platform predicts ADA will reach $1 in May 2025. This is a little less than a years time.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: watcher.guru