Cardano (ADA) Price Prediction: Could Rise to $1.5?

Bittime - After surging past $1.1 last week, the price of Cardano (ADA) is now facing strong selling pressure along with the market's downward trend. 

In the past 24 hours, the ADA token has managed to recover after falling below $0.80 last Friday and is now again targeting a breakout level above $1.0. 

So, is ADA capable of reaching $1.5 in the near future? Read this article to find out the Cardano (ADA) price prediction!

Cardano (ADA) Price Prediction: Whale Interest Increases

To find out the Cardano (ADA) price prediction , let's look at the interest from Cardano whales. (ADA) has experienced a 38% correction from its monthly peak of $1.30, but whale interest seems to be increasing again.

According to crypto analyst Ali Martinez, ADA whales have purchased around 160 million ADA tokens after the price dropped to $0.91.  

At the time of writing, ADA price is up 6.09% to $0.95 with a market cap of $33.58 billion. Daily trading volume also jumped 29.8% to $2.72 billion. 

Additionally, ADA open interest rose 11.79% to $700 million, with liquidations in the last 24 hours reaching $4.49 million, including $2.23 million in short positions.

Also Read:  Cardano Price Rises After Rumors of Cardano Founder and Trump Collaboration

Cardano (ADA) Price Prediction: Opportunity Amidst Correction

Crypto analyst Michael van de Poppe highlighted that this sharp correction presents an opportunity for investors. Cardano has fallen 40% from its recent highs and is now testing long-term support levels. 

According to van de Poppe, the drop is a “perfect example of waiting after the euphoria has passed.” He gave a Cardano (ADA) price prediction that this is a pivotal moment for investors looking forward to the next rally.

Also Read:  Is Now the Time to Buy Cardano (ADA)?

Cardano (ADA) Price Prediction

For Cardano (ADA) price prediction, the ADA token must first cross the $1 level to confirm the uptrend. 

Conversely, the support level at $0.90 must be maintained on a daily closing basis to avoid further correction.

Meanwhile, the Cardano (ADA) price prediction for the next month is at $1.2, while the prediction for the next 3 months is at $2.27. 

Also Read:  Cardano (ADA) Price Prediction, Could Reach This Much Next Year!

Cardano (ADA) FAQs

What is Cardano (ADA)?

Cardano is a blockchain platform designed to run DApps and smart contracts with a focus on security and scalability. Cardano's native token is the ADA token, which is used for transactions and staking.

Does Cardano Support Smart Contracts?

Yes, Cardano supports smart contracts through the Alonzo update, allowing developers to build DApps on the network. This makes Cardano a strong competitor to Ethereum in the blockchain ecosystem.

What are the advantages of Cardano (ADA) compared to other blockchains?

Cardano uses a Proof-of-Stake (PoS) consensus protocol called Ouroboros, which is more energy efficient than Proof-of-Work (PoW). In addition, Cardano adopts a scientific research-based approach to the development of its technology.

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Reference

Bhushan Akolkar,  Cardano Price Prediction: Will ADA Surpass $1.5 in 2024?, accessed December 23, 2024.

Author: IPR