Can Cardano reach $0.50 by October 2024? Top analysts predict a 41% increase. Discover what could drive ADA higher again.
Highlights
Top analysts believe that Cardano price will increase by 41% to $0.5 by the end of October 2024.
Cardano has partnered with FTSE Russell, a leading global index provider.
If the ADA price is to break out and reach $0.5, it will need to break through $0.36 first
Cardano price has been trading within a bullish structure while the entire cryptocurrency market is down 1.9% in the past 24 hours. The crypto-asset has been trading sideways for the past two weeks or so and a breakout to the upside could make ADA price bullish.
Dan Gambardello, a cryptocurrency analyst and founder of Crypto Capital Ventures, recently predicted that the price of Cardano will reach $0.5 by the end of October 2024. The prediction has sparked a buzz in the cryptocurrency space, predicting that the ADA price will rise by nearly 41% from its current price of around $0.34.
At press time, ADA prices are down 2.8% over the past 24 hours and are trading around $0.344. The cryptocurrency market has been experiencing volatility, with Bitcoin prices dropping below $59,000 before abruptly rebounding to $63,000 over the weekend.
Cardano Price Analysis: Is $0.50 the Next Stop?
From a technical perspective, the ADA 12-hour chart shows signs of a possible bullish breakout after a period of consolidation. Here are the details:
Cardano price is generally trending upwards, supported by a rising trendline from early August that continues to form higher lows.
The price is expected to break above the trendline support around $0.34, thus consolidating strength at this key level. The next challenge is located at the resistance zone between $0.39 and $0.40.
If the ADA price manages to break above this resistance, a significant uptick is likely with the next target being around $0.50, which would represent a 41% increase from current levels.
If Cardano price breaks out and sustains above the $0.40 resistance zone, it could signal a continuation of the bullish trend. ADA price could rise to $0.50 and above.
4 Catalysts for ADA Price Increase
Cardano founder Charles Hoskinson has been proactive in addressing criticism and promoting the development and future plans of ADA. This proactive approach has helped maintain investor interest and confidence in ADA.
Additionally, Cardano’s completed Voltaire upgrade and other key milestones will enhance its governance capabilities and unlock tremendous value.
Cardano has partnered with FTSE Russell, a leading global index provider, to increase the token’s visibility and credibility among institutional investors. This partnership makes it easier to assess the performance and risks of Cardano as a digital asset.
Many investors believe that Cardano’s price is in the “bust phase” of the market cycle, which often presents accumulation opportunities. Buying ADA during this period could be profitable.
These developments could serve as a catalyst for ADA’s price to rise, in line with Gambardello’s predictions.
Cardano Bullish
Cardano price shows potential for a massive upside move, forming a bullish breakout pattern after the recent consolidation. Analyst Dan Gambardello predicts ADA to reach $0.50 by October 2024, which would represent a 41% increase from current levels. A key resistance level is seen at $0.40, while positive catalysts such as the Voltaire upgrade and partnerships such as FTSE Russell could support this uptrend. However, ADA must first break above a key resistance level to continue its upward move.
Can Cardano reach $0.50 by October 2024? Top analysts predict a 41% increase. Discover what could drive ADA higher again.
Highlights
Top analysts believe that Cardano price will increase by 41% to $0.5 by the end of October 2024.
Cardano has partnered with FTSE Russell, a leading global index provider.
If the ADA price is to break out and reach $0.5, it will need to break through $0.36 first
Cardano price has been trading within a bullish structure while the entire cryptocurrency market is down 1.9% in the past 24 hours. The crypto-asset has been trading sideways for the past two weeks or so and a breakout to the upside could turn ADA price bullish.
Dan Gambardello, a cryptocurrency analyst and founder of Crypto Capital Ventures, recently predicted that the price of Cardano will reach $0.5 by the end of October 2024. The prediction has sparked a lot of discussion in the cryptocurrency space, predicting that the price of ADA will rise by nearly 41% from its current price of about $0.34.
At press time, ADA prices are down 2.8% over the past 24 hours and are trading around $0.344. The cryptocurrency market has been experiencing volatility, with Bitcoin prices dropping below $59,000 before abruptly rebounding to $63,000 over the weekend.
Cardano Price Analysis: Is $0.50 the Next Stop?
From a technical perspective, the ADA 12-hour chart shows signs of a possible bullish breakout after a period of consolidation. Here are the details:
Cardano price is generally trending upwards, supported by a rising trendline from early August that continues to form higher lows.
The price is expected to break above the trendline support around $0.34, thus consolidating strength at this key level. The next challenge is located at the resistance zone between $0.39 and $0.40.
If the ADA price manages to break above this resistance, a significant uptick is likely with the next target being around $0.50, which would represent a 41% increase from current levels.
If Cardano price breaks out and sustains above the $0.40 resistance zone, it could signal a continuation of the bullish trend. ADA price could rise to $0.50 and above.
4 Catalysts for ADA Price Increase
Cardano founder Charles Hoskinson has been proactive in addressing criticism and promoting the development and future plans of ADA. This proactive approach has helped maintain investor interest and confidence in ADA.
Additionally, Cardano’s completed Voltaire upgrade and other key milestones will enhance its governance capabilities and unlock tremendous value.
Cardano has partnered with FTSE Russell, a leading global index provider, to increase the token’s visibility and credibility among institutional investors. This partnership makes it easier to assess the performance and risks of Cardano as a digital asset.
Many investors believe that Cardano’s price is in the “bust phase” of the market cycle, which often presents accumulation opportunities. Buying ADA during this period could be profitable.
These developments could serve as a catalyst for ADA’s price to rise, in line with Gambardello’s predictions.
Cardano Bullish
Cardano price shows potential for a massive upside move, forming a bullish breakout pattern after the recent consolidation. Analyst Dan Gambardello predicts ADA to reach $0.50 by October 2024, which would represent a 41% increase from current levels. A key resistance level is seen at $0.40, while positive catalysts such as the Voltaire upgrade and partnerships such as FTSE Russell could support this uptrend. However, ADA must first break above a key resistance level to continue its upward move.
