Cardano’s price has finally ended its downtrend that it had seen since 12 March 2024. The crypto now lies in a consolidation phase and might soon see a recovery rally.
The short-term target for Cardano (ADA) is at $0.5 to $0.7 while the long-term targets are at $5 to $10.
Cardano has now introduced on-chain governance for its blockchain.
What is Cardano (ADA)?
Cardano is a Layer-1 blockchain with a highly developed ecosystem that comprises of smart contract platforms, a DeFi ecosystem, inter-blockchain communication solutions, and a lot more.
Cardano is also the 11th largest crypto by market cap. The Cardano blockchain and ADA is led by an Ethereum co-founder, Charles Hoskinson.
Fundamental Analysis
Cardano is one of the top choices for an all-in-one blockchain. The chain is capable of supporting high-capacity dapps, defi protocols, NFTs, other cryptocurrencies, and even emerging use cases like RWAs.
Real World Assets (RWA) is the most promising sector in the future of blockchain technology.
Further, despite being at this year’s lowest point and after going through a six-month decline, the crypto is still the 11th largest by market cap.
Moreover, the fees on the blockchain are very low as compared to other chains.
In addition, out of the 36 billion ADA in supply, more than 22 billion are staked which means they are unlikely to enter circulation anytime soon. This creates a quasi-shortage of supply and helps in token value appreciation.
Technical Analysis
Cardano’s 1-day charts show that the cryptocurrency has ended its downtrend and is currently in a consolidation phase. The downtrend lasted for nearly six months (12 March to 06 August).
As ADA lies in a consolidation phase, its price hovers around $0.35. This zone could act as the support level for its future growth.
Taking a look at the technical indicators, we can see that both RSI and MACD are bullish. RSI is at a level of 51 and is in an uptrend. MACD showed a positive crossover on 9 September and has again shown a divergence on 17 September. This second divergence after the crossover shows that ADA is much more bullish than the wider markets.
After the 0.5% rate cut by the US Fed, more liquidity could soon flow into the markets. This may eventually lift its price in the short to medium term and on a sustained basis.
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Cardano Price Prediction
In the short term, ADA could reach a price of $0.55 to $0.75 while long-term targets place its price between $5 to $10.
Price Prediction 2024
ADA is expected to show a rally as soon as late September. When it does, its price may reach $0.5 to $0.6 levels.
Price Prediction 2025-2026
Due to the expected arrival of an alt season in early 2025, we expect ADA to cross $1 by the mid-year. Further, as the alt season peaks in 2026, ADA could reach beyond $1.5.
Price Prediction 2027-2029
ADA could reach a price level of $5 by late 2028 due to a pre-halving rally in the markets. This target could reach $7 if the 2029 alt season gets strong.
Price Prediction 2030
Cardano could reach a long-term high of $10 by 2030 based on strong fundamentals and high demand.
