Cardano Price Prediction as ADA Rallies Up 11% – Is a New High on the Horizon?
The Cardano price has rallied by 11% in the past 24 hours, rising to $0.5311 on a day when the crypto market has gained by 3.5%.
ADA is now up by 8.5% in a week and by 10% in a fortnight, with the altcoin also sitting on a 33% gain in the last 12 months.
Such gains are encouraging, yet they remain fairly modest in comparison to gains made by other alts (e.g. ETH, SOL), meaning that the market is still undervaluing ADA.
But with Cardano continuing to grow steadily as a platform (and with some of its rivals facing outages), the ADA price could see further rallies in the coming months.
Cardano Price Prediction as ADA Rallies Up 11% – Is a New High on the Horizon?
After several weeks of stuttering and stagnation, it would seem that ADA is regaining momentum once again.
Its relative strength index (purple) has now risen beyond 55, up from 45 a few days ago and pointing towards further incoming price gains.
Similarly, its 30-day moving average (yellow) has resumed climbing after more than a week spent moving sideways, another sign that buying pressure is returning to the token.
It’s also highly positive that its 24-hour trading volume is recovering, moving to $600 million today after falling as low as $200 million at the start of the week.
This signals renewed interest in the coin, which is rallying harder than many other major coins today, largely because the market has undervalued it for so long.
For example, Solana (SOL) is up by more than 300% in the past year, while ADA is up by only 33%, yet Cardano isn’t the layer-one platform that suffered an embarrassing five-hour outage yesterday.
In other words, the Cardano price still has plenty of room to rise before it reaches a ‘fair’ value in relation to other coins.
Its native platform continues to grow steadily, with 157 apps now running on its blockchain and with over $360m in total value locked in – a 630% increase since January 1, 2023.
👋 Day 12 of voting in #Cardano's #ProjectCatalyst
🗳️ ~6.6K wallets have collectively cast ~240K votes via ~1.9B ada so far
⚠️ Only active wallets are eligible for voter rewards with at least 1 vote. Only proposals with 1% threshold will become fundable (±45M ada 'YES' votes). pic.twitter.com/BqLQorj6yO
— Daniel Ribar 🐣 (@danny_cryptofay) February 6, 2024
Cardano has also been holding Project Catalyst, a decentralized funding round in which its community members vote for which projects will receive funding.
Such an even highlights the strength and depth of Cardano’s ecosystem and community, which increasingly appears to be in it for the long haul, rather than for boom-and-bust gains.
As such, the Cardano price will continue rising steadily over time, potentially reaching $1 by the summer.
New Altcoins Show High Potential for Gains
Probably the only issue with ADA is that it may remain a slow burner, making modest gains over time rather than pumping hard.
For this reason, some traders may prefer to look towards smaller cap tokens with big potential, with the market currently benefiting from a wide selection of promising new alts.
One of the most interest is Sponge (SPONGE), an ERC-20 cryptocurrency that has just launched the second version of its token, SPONGE V2.
Running on Polygon’s layer-two network and now listed on Uniswap, SPONGE V2 replaces the earlier version of Sponge, which first listed in April 2023, when it rallied by as much as 150%.
The reason for the update is that SPONGE V2 boasts an improved staking model, providing a variable rate of return that can rise into triple figures depending on staking numbers.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
SPONGE V2 will also act as the native token for an upcoming play-to-earn racing game, which will see players competing with each other to rank on a global leaderboard.
The best players will receive rewards in SPONGE, which combined with staking payouts and potential price rises could make the new token highly profitable.
While it’s no longer possible to redeem SPONGE V1 (which is now discontinued) for SPONGE V2, investors can buy the new token by visiting the the official Sponge website.
And while SPONGE is already available on Uniswap, it’s likely to be listed on major centralized exchanges in the coming weeks, something which could see its price rise massively.
It will also be helped by its strong community, with the token already boasting over 31,000 followers on Twitter, for example.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
