X

David from Indianapolis

Signed up at Anonymous Casino 18 minutes ago.

» Try Anonymous Casino too
Do not show again

Like many other cryptocurrencies, Cardano (ADA) remains supported after Bitcoin’s price managed to climb above $60,000.

Buoyed by flows into new U.S. spot bitcoin exchange-traded products that have driven it up more than 40% in February, this marked its largest monthly rally since December 2020. However, it is important to say that a Cardano (ADA) price surge is not only connected with the rally of Bitcoin but also with a reflection of the substantial progress witnessed across the Cardano ecosystem.

Significant advancements in core technology, smart contracts, scaling solutions, and governance efforts have also laid the groundwork for ADA’s impressive rise. Cardano (ADA) has advanced more than 40% since February 01, 2024, rising from $0.48 to a high of $0.76.

The current price of ADA stands at $0.72, and for now, bulls continue to control the price movement. But where is the price of ADA going next, and what can we expect from March 2024?

Today, Crypto Lists will discuss Cardano (ADA) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Cardano (ADA) surging not solely attributed to Bitcoin’s rally

Cardano is a blockchain platform that allows transactions in its native cryptocurrency ADA, and enables developers to build secure and scalable applications powered by it. Cardano is connected with various payment programs, and it is important to say that a variety of projects have been built on the Cardano platform.

Cardano users need to buy ADA to facilitate transactions and participate in governance. Ownership of the token determines who gets to be a slot leader and add new blocks, and who earns a share of fees paid for transactions in blocks. ADA tokens are also used for voting on software policies, such as inflation rate, giving participants an incentive to hold ADA and ensure its future value.

Similar to numerous other cryptocurrencies, Cardano (ADA) has got a boost after Bitcoin’s price surpassed $60,000. However, the surge in Cardano (ADA) price is not solely attributable to Bitcoin’s rally but also reflects the significant progress observed within the Cardano ecosystem which includes developments in core technology, smart contracts, scaling solutions, and governance initiatives.

Regarding core technology, the ledger team achieved notable progress by implementing reference script support for Plutus V1 in Conway. This advancement, combined with bug fixes that rectify stake distribution inaccuracies, establishes a strong foundation for the blockchain’s functionality. Meanwhile, the Plutus team has progressed in smart contract implementation by introducing the Plutus contract blueprint for Plutus Tx and enhancing the quick start guide to facilitate smoother developer onboarding.

Rating: 9.17/10
Supply: 34,159,599,616 / 44,999,999,488
Release date: January 15, 2015

Description: Discover Cardano and be part of the cryptocurrency revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


Ecosystem poised for further growth and development

Scaling solutions also saw significant improvements as the Hydra team addressed critical bugs, refined fee estimation mechanisms, and integrated transaction metadata enhancements. Similarly, the Mithril team launched a new release featuring crucial updates, such as enhanced stake distribution support and bug fixes. On the governance front, the SanchoNet team rolled out a patch release to resolve compatibility issues and simplify wallet upgrades.

It is also important to mention that Cardano has recently experienced a 90% surge in the creation of new wallet addresses, signaling heightened network activity and growing interest in the platform. A surge of activity on the platform contributed to the fact that Cardano reached a historic milestone, with its total blocks reaching 10 million on March 01.

Another important piece of information is that Cardano is preparing to debut its flagship fiat-backed stablecoin, USDM, scheduled for release on March 16th. As ADA continues to attract attention from investors, crypto analysts have agreed that the Cardano ecosystem is poised for further growth and advancement in the burgeoning cryptocurrency landscape.

Technical analysis for Cardano (ADA)

Cardano (ADA) has advanced more than 40% since February 01, 2024, rising from $0.48 to a high of $0.76. The current price of Cardano (ADA) stands at $0.72, and as long the price of ADA is above $0.60, we can’t talk about a trend reversal, and the price of this crypto remains in the BUY-ZONE.

Technical analysis for Cardano (ADA)

Important support & resistance levels for Cardano (ADA)

Support and resistance levels for Cardano(ADA)

On this chart (the period from May 2023), I marked important support and resistance levels that can help traders understand where the price could move. According to technical analysis, bulls control the price movement of Cardano (ADA) and if the price advances above $0.80, the next target could be $0.90 or even strong resistance that stands at $1.

The important support level is $0.60, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.55. If the price drops below $0.50, which also represents very strong support, the next target could be located around $0.40.

What speaks for the rise in the Cardano (ADA) price?

The amount of ADA traded over the last several weeks saw a significant increase which may imply confidence among investors. According to the technical picture, ADA still has room for the upside, and if the price advances above $0.80, the price could reach $1 very soon.

Traders should also consider that the price of ADA is correlated with Bitcoin, and if the price of Bitcoin jumps above $65000, we can see this cryptocurrency at a higher price level than the current price. The significant progress observed within the Cardano ecosystem which includes developments in core technology, smart contracts, scaling solutions, and governance initiatives has also positive influence on the price of ADA.

What indicates the downward swing of Cardano (ADA)?

Investing in ADA involves a significant degree of unpredictability and substantial risk. While positive advancements have the potential to drive considerable price surges, they also come with associated risks. The downfall of ADA can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends.

ADA is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. It’s essential to note that ADA’s critical support level stays at $0.60, and a breach of this level could set the stage for a potential target of $0.50.

What do analysts and experts say?

Cardano (ADA) is showing a correlation with Bitcoin and with the rest of the cryptocurrency market and since February 01, 2024, this cryptocurrency has surged more than 40%. However, it is important to say that a Cardano (ADA) price surge is not only connected with the rally of Bitcoin but also with a reflection of the substantial progress witnessed across the Cardano ecosystem.

Cardano has recently experienced a 90% surge in the creation of new wallet addresses, signaling heightened network activity and growing interest in the platform. A surge of activity on the platform contributed to the fact that Cardano reached a historic milestone, with its total blocks reaching 10 million on March 01.

As ADA continues to attract attention from investors, crypto analysts have agreed that the Cardano ecosystem is poised for further growth and advancement in the burgeoning cryptocurrency landscape. Popular crypto analyst Dan Gambardello said last week that because of the fact that the Cardano blockchain recently crossed over 10 million blocks, ADA could experience further gains in the weeks ahead.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
Cardano Newsflash
    Slots Paradise is a beautiful bitcoin casino for Canada, eh!Slots Paradise is a beautiful bitcoin casino for Canada, eh!
    Thursday, 11 Apr 2024 8:49 am
    If you're based in Canada you're going to be excited about today's latest casino review. Although it's not the newest casino around (see all) we hae to say we're not sure how this one flew under the radar. Slots Paradise (review) has a 3-stage welcome bonus for new players that totals 5500 USDT and if you're lucky and manage to win then you can withdraw instantly within 5 minutes! It doesn't get much better than that. If you want to try a crypto casino that's got a few years of positive feedback under its beautifully designed belt then look no further than Slots Paradise and register right here or browse the review...
    Read the full newsflash


    Deposit in Dai and gamble in Cardano on BetFreeDeposit in Dai and gamble in Cardano on BetFree
    Wednesday, 28 Feb 2024 7:08 am
    Do you want to gamble with crypto and use coins that you'd normally use for other purposes? Imagine a site where there isn't just the standard Bitcoin and Ether deposits but Dai and Cardano too? You don't need to imagine it, since it's right here on BetFree (review) - which is a brand new BTC casino site launched just last week. It's very easy to sign up to, taking under a minute and only requiring an email verification code. Wanna try it? We don't blame you. Sign up now and start playing on this cool new casino...
    Read the full newsflash


    Feel that va va voom on Vavada with a 1000 USDT welcomeFeel that va va voom on Vavada with a 1000 USDT welcome
    Tuesday, 20 Feb 2024 9:14 am
    With a beautifully designed site and games coming thick and fast from 40+ providers, boredom is likely never on the cards when it comes to Vavada Casino (review), a 2017 powerhouse site that we simply couldn't not review for you all. It's got a great range of games to try - obvious really, given the number of developers - alongside a small suite of promos and a large collection of tournaments. If that sounds up your street then it likely is, so why not sign up today and see if our review matches your real-life experience...
    Read the full newsflash


    Solis Bet: a new Cardano casino with a juicy welcome bonus!Solis Bet: a new Cardano casino with a juicy welcome bonus!
    Thursday, 31 Aug 2023 11:46 am
    There are exciting new crypto casinos popping up all the time, but at Crypto Lists we like to think we've got a pretty discerning eye and only review the best ones. One that we published today is the awesome Solis Bet (review). One thing we really liked with Solis was that you can deposit with Cardano (ADA). So, in simple terms it's a Cardano casino, a flourishing niche and one that sits alongside others including Solana casinos. And, there are 2000 games for you to enjoy from developers like BGaming, which is really cool because new casinos often don't have any big names. If you sign up now, you can get a welcome bonus worth up to 1250 EUR. So, what are you waiting for? Try Solis Bet now and get your hands on some tip-top prizes and play some great...
    Read the full newsflash


    Live luxuriously on a plush Cardano casino with Rollers VIPLive luxuriously on a plush Cardano casino with Rollers VIP
    Wednesday, 23 Aug 2023 7:42 am
    Do you want to live like James Bond, cavorting with luscious ladies on live casinos, sipping martinis while the roulette wheel spins? Then you might just be in luck since Rollers VIP (casino review) is freshly published on Crypto Lists. It combines the look and feel of many high-end Bitcoin casinos with payment methods such as Ether, Tron, and Cardano, otherwise known as ADA. You'll find over 70 different game studios provding thousands of titles covering video slots to live Baccarat. Whatever it is you're looking for, you'll find it at Rollers. So, if you want to channel your inner 007, sign up now and see if it deserves to be "Licensed to Thrill". Yep, we've got plenty more...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top