Cardano Price Prediction as ADA Spikes Up 6% – Time to Buy?
The Cardano price has jumped by more than 8% in the past 24 hours, reaching $0.6202 as rising Bitcoin ETF volumes pushes the market even higher today.
This spike erases what had been losses for ADA over the past week, with the altcoin now also up by 11% in a fortnight and by 25% in the last 30 days.
ADA is also sitting on a health 71% gain in the last 12 months, with the increasing bullishness of the wider market likely to goad it higher in the near future.
And with Cardano arguably being one of the most underrated layer-one blockchains in the market, ADA could reach new highs by the end of 2024.
Cardano Price Prediction as ADA Spikes Up 6% – Time to Buy?
After dipping for a while or so, it now seems that ADA is ready for a strong surge this week, a rally which could continue for longer depending on overall market bullishness.
Its 30-day moving average (yellow) looks particularly encouraging, climbing strongly as it is beyond the 200-day average (blue).
It would certainly seem that ADA is in an expansionary phase, one which it has expected ever since the lows of January and early February.
This view receives support from the coin’s relative strength index (purple), which after dipping to around 50 last week is now rising strongly again.
ADA has room to continue rising until the RSI passes 70 or 80, with the coin’s 24-hour trading volume also rising back up to $750 million today.
This may not be quite as impressive as the volumes for bigger coins (especially BTC, ETH and SOL), but CoinShares latest Digital Asset Fund Flows report does show that funds are putting some money into ADA (c. $400,000 last week).
And ADA is arguably in a better position than most other alts to ride the intensifying bull market, given that it has such solid fundamentals.
Every Friday, we publish our weekly #Cardano development update.
So for the lowdown on what IOG's dev team has been working on last week, head on over and take a look👇https://t.co/LiGQYOOeYZ pic.twitter.com/AXlqrPz9fJ
— Input Output (@InputOutputHK) February 23, 2024
As the tweet above shows, the Cardano blockchain now has 160 projects running on its network, which accounts for $400 million in total value locked in.
It has also recently been operating Project Catalyst, a community-led fundraising initiative that is awarding support to 300 budding projects.
The future therefore looks bright for Cardano, especially when ADA still seems to be in an undervalued position.
The Cardano price could reach $1 by the summer, before potentially troubling its ATH – $3.09 – by 2024’s end.
New Small-Cap Tokens for Alt Season
ADA is certainly one major alt to watch closely in the coming weeks, but it isn’t the only interesting coin in the market right now.
There are also some very promising newer coins to consider, including tokens that have recently launched and that may rise strongly as they list on new trading platforms.
One of the best examples of this is Sponge (SPONGE), an ERC-20 cryptocurrency that launched its coin’s second version a few weeks ago.
It’s up by 9% in the past 24 hours, and has actually has risen by over 160% since listing on Uniswap earlier this month.
As the chart above illustrates, it has not only held onto its initial listing gains, but is currently building on them.
There a couple of main reasons for this, with the first being that SPONGE is already an established meme token with a strong online following of supporters, who help best the token.
More importantly, SPONGE V2 also introduces a couple of key improvements, including a new staking model that offers a minimum yield of 40% APY.
This yield has recently moved into triple figures, with the rate varying according to such factors as number of stakers and staked tokens.
SPONGE V2 will also be the native token of an upcoming P2E racing game, which will enable players to compete against each other and earn rewards in SPONGE.
Such fundamentals are likely to boost SPONGE’s price considerably, and given that it has rallied without even listing on major exchanges (yet), it could have a very strong next few months.
Traders can trade the token at Uniswap or the official Sponge website.
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.
