ADA Up 5%, Analysts Expect 100% Cardano Price Rally By Christmas
Cardano’s native cryptocurrency ADA is back in action with a strong revival in the altcoin market. The Cardano (ADA) price is up by 5.9% at press time trading at $0.376 with a market cap of $13.2 billion.
Cardano (ADA) Gives Strong Breakout
Cardano’s native token ADA has witnessed a significant upward trajectory, boasting a 50% price surge over the past month. Analysts, including the well-known figure Ali on Twitter, anticipate a potential continued rally.
Drawing parallels to ADA’s performance in the 2018-2020 cycle, Ali suggests that breaking the crucial resistance at $0.45 in early December could propel ADA to reach $0.75 by year-end. Furthermore, Ali presents an optimistic long-term projection, envisioning ADA surging beyond $6.50 by the summer of 2025.
#Cardano’s current consolidation trend eerily mirrors the 2018-2020 phase without the COVID-19 crash!
If so, $ADA could break through the $0.45 resistance around the first week of December. The upswing could send #ADA to $0.75 by late December.
Looking to trade this setup? Head… pic.twitter.com/u3KzOsZj2F
— Ali (@ali_charts) November 16, 2023
Ali has previously expressed their perspective on ADA’s future valuation, proposing that the cryptocurrency could experience a surge to $10 in the second quarter of 2024.
The daily chart reveals a rounding bottom breakout in ADA’s price, and its move past the $0.35 threshold indicates the potential for a rapid rally. Analysts propose that if ADA surpasses $0.40, the bullish momentum might drive it towards the $0.45 milestone. Furthermore, the recent crossing of the 50-day Exponential Moving Average (EMA) is considered a bullish signal by many traders, signaling a robust recovery and the possibility of additional gains.
On the other hand, Cardano also emerges as a strong contendor in the decentralized finance (DeFi) space. DefiLlama data indicates that the total number of addresses holding ADA is nearing its historical peak of 4.46 million. Simultaneously, the count of active addresses and transaction volume has risen, and the total value locked (TVL) has exceeded $262.08 million, reaching a level last observed in March 2022.
Charles Hoskinson on Voltaire Upgrade
Cardano chief Charles Hoskinson recently put some light on the state of the Voltaire upgrade. The Voltaire era signifies the culmination of Cardano’s development roadmap, representing a pivotal transition toward a self-sustaining ecosystem.
With the implementation of a new governance model, participants in the network now possess the ability to leverage their stake and voting rights, actively influencing the future trajectory of the network. This development aligns closely with the foundational principles of blockchain technology, noted Hoskinson.
Under the Voltaire upgrade, a treasury and voting system are introduced, providing Cardano users with a direct role in governance and decision-making processes. This enhanced level of community engagement enables users to contribute to significant choices regarding software updates, technical enhancements, and funding allocations through Cardano Improvement Proposals (CIPs) and Funding Proposals (FPs). These proposals serve as a mechanism for the Cardano community to collectively guide the platform in alignment with shared interests and aspirations.
Besides, Cardano has been effectively working towards greater decentralization. In an interesting proposal, Hoskinson also asked ousted OpenAI CEO Sam Alman to bulding a decentralized LLM.
Apart from the Voltaire upgrade, Cardano’s Lace wallet has also got a crucial facelift and an update featuring several multi-tasking capabilities.