Cardano Price News: ADA Eyes $0.50 After 4% Daily Gain

Cardano’s price is holding strong at $0.36, showing signs that it might be ready for a big turnaround. This could be due to more activity on the network and large investors, often called “whales,” buying up more ADA. As these factors come into play, there’s a chance we could see a significant shift in Cardano’s value soon. Let’s take a look at this Cardano Price Prediction article in more detail.

How has the Cardano (ADA) Price Moved Recently?

ADA/USD Daily Chart- TradingView

Cardano’s price today stands at $0.364234, with a 24-hour trading volume of $507.33 million. The market cap is $13.00 billion, giving it a market dominance of 0.62%. Over the last 24 hours, ADA’s price has increased by almost 4%.

Cardano reached its all-time high of $3.10 on September 2, 2021, and its lowest price of $0.017354 on October 1, 2017. Since reaching its ATH, the lowest point was $0.234392 (cycle low), while the highest price since that low was $0.806108 (cycle high). Currently, the sentiment around Cardano’s price prediction is neutral, with the Fear & Greed Index showing a score of 29, indicating fear.

Cardano’s circulating supply is currently 35.69 billion ADA out of a maximum supply of 45.00 billion ADA. The yearly supply inflation rate is 5.53%, meaning 1.87 billion ADA were created in the past year.

Cardano’s price is holding strong at $0.36

Cardano’s (ADA) price is holding strong due to the anticipation surrounding the upcoming Chang Hard Fork, which is scheduled for September 1, 2024. This hard fork represents a significant milestone in Cardano’s journey toward full decentralization, a key factor that has boosted investor confidence.

The unanimous decision by major stakeholders in the Cardano ecosystem, including Intersect, Emurgo, the Cardano Foundation, and Input|Output, to proceed with the hard fork underscores the strong consensus and strategic direction within the community.

The recent challenges, such as the delay caused by insufficient exchange liquidity, have now been largely resolved, with a majority of exchanges ready for the upgrade. This preparedness signals stability and reduces uncertainty, further supporting ADA’s price.

As the hard fork nears, market participants are likely positioning themselves in anticipation of potential gains, reinforcing ADA’s current price levels. If the hard fork proceeds smoothly and successfully implements the planned enhancements, ADA could experience further upward momentum, making the $0.50 target increasingly achievable.

Cardano Price Prediction: Is ADA Price Eyeing $0.50?

Cardano Explorer

Cardano’s (ADA) price has shown resilience, with a 37% increase over the past year, suggesting a gradual recovery from its previous lows. With 15 green days in the last 30 days, or 50%, ADA is exhibiting signs of consistent upward momentum.

The upcoming Chang Hard Fork, which aims to further decentralize the network, adds a bullish outlook, as it could drive renewed interest and investor confidence.

However, several factors indicate that the path to $0.50 may face challenges. ADA is currently trading below its 200-day simple moving average, which typically signals a bearish trend.

Additionally, despite its strong liquidity, ADA has been outperformed by 56% of the top 100 crypto assets and remains 88% below its all-time high. The yearly inflation rate of 5.53% also adds selling pressure, as more ADA enters circulation.

Given these mixed signals, ADA’s journey to $0.50 is not guaranteed but remains within reach if the momentum from the hard fork and network improvements outweigh the broader market headwinds. If ADA can sustain its current upward trajectory and break through key resistance levels, the $0.50 mark could be achievable in the near future.

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