Cardano price increased by 2.5% in the last 24 hours to $0.4055, while the crypto market in general gained 2%.
ADA has gained 12% in value in the last week and 16% in the last month. It has increased by 66% in the last year.
These developments open a promising period for Cardano, which surpassed Tron this morning to become the tenth largest coin by market cap.
Considering its recent momentum and continuous updates to the Cardano network, the altcoin is likely to continue its uptrend and outperform other coins.
Cardano Price Prediction: ADA Enters Top 10 – Can It Overtake Solana?
ADA has seen strong momentum this week, but it could see a minor pullback this weekend before resuming its medium to long-term growth.
ADA’s relative strength index (RSI) has fallen to 50 from 70 earlier in the day, suggesting that some investors may be taking profits. The 30-day moving average has also been trading above the 200-day moving average for the past week, suggesting that a minor correction may be imminent. ADA’s trading volume of more than $460 million today suggests that the correction may be short-lived.
Some investors say that ADA’s current price action mirrors its 2019 rally, which could lead to strong gains in the coming months.
As the Cardano network continues to make scaling updates, its core values are also getting stronger. One of the biggest updates coming is the Leios update. Cardano founder Charles Hoskinson stated that this update will make Cardano faster than Solana without losing decentralization. Developers expect the update to be released in the first half of 2024, but Cardano’s price is likely to make significant gains by then.
This is partly because the market has been gaining strength since the Fed lowered interest rates earlier this month, so there’s a good chance the altcoin will finish the year on a strong note. Cardano has the potential to reach $0.5 by the end of October and $1 by the end of the year.
