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Crypto: Cardano (ADA) on the verge of breaking the $1 mark?

Tue 20 Feb 2024 ▪ 3 min of reading ▪ by Ariela R.
Getting informed ▪ Altcoins

The price of Cardano (ADA) has seen a sharp increase in recent days, drawing the attention of investors and crypto analysts. Some predict that the cryptocurrency could reach the symbolic threshold of $1, but under what conditions? Discover the factors influencing the trajectory of Cardano crypto and the upgrades that could transform its future.

Avis Cardano
Will Cardano crypto hit the $1 mark this year?

Cardano Crypto (ADA) Breaks a Long-Standing Resistance

Cardano (ADA) is undeniably among the most successful cryptocurrencies this year, with growth over 13% in one week. The coin recently broke through major resistance that had lasted for 784 days, according to analyst CryptoBusy. This movement indicates a possible bullish trend that could propel ADA crypto towards new highs.

According to this crypto expert, Cardano must, however, break through and maintain above the key level of $0.6691 to confirm this hypothesis. This level represents a significant tipping point for the cryptocurrency. It could determine whether the crypto will continue its race towards $1 or if it will undergo a correction. At the time of writing, Cardano is trading at $0.6307.

Cardano Benefits from the Dynamics of the Cryptocurrency Market

The trajectory of Cardano is not only influenced by its own technical factors. It also accounts for broader trends in the cryptosphere. This refers notably to the recent surge of Bitcoin, which set a new record. This caused a wave of positivity across the entire crypto space.

Another catalyst is the approval of the Bitcoin Spot ETF in the United States. This has paved the way for greater institutional adoption of crypto. Added to this are the anticipation of the Bitcoin halving in April 2024 and the possibility of an approval for an Ethereum ETF by the SEC.

Cardano is benefiting from this positive momentum, as it’s considered a main competitor of Ethereum in the area of smart contracts and decentralized applications. This cryptocurrency also attracts the attention of socially conscious investors, as it utilizes a proof-of-stake consensus mechanism that is more energy-efficient.

In conclusion, the price of Cardano (ADA) has the potential to reach $1. However, it must overcome technical hurdles and capitalize on the crypto market dynamics.

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Ariela R. avatar
Ariela R.

Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.