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Top Cardano (ADA) Price Predictions as of Late
Cardano’s native token, ADA, has been making waves in the cryptocurrency market by remaining in the green on a weekly scale. This development solidifies its position within crypto’s top 10 club. Currently trading at around $0.79, or a 5% increase for that period, ADA Price, Source: CoinGecko
The resurgence is attributed to several factors, with one of the most significant being Grayscale’s recent filing for a Cardano exchange-traded fund (ETF) with the New York Stock Exchange. This product, if approved, will enable investors to gain exposure to ADA without directly holding it. The potential approval could have a positive impact on the price in the long run.
Many analysts from crypto X concur with this thesis. One of them, Max Brown, believes that the potential approval of the investment vehicle could lead to a rally towards $3 and even higher. Ali Martinez also joined in, offering a less optimistic prediction. He thinks ADA is “breaking out” and is likely to reach $0.83 if momentum holds. On the other hand, Carl Moon forecasts a price hike to $1.23 if ADA breaks a specific “falling wedge” formed over the past two months. This potential surge would only be possible if the asset surpasses $0.81.
For more in-depth information on other predictions, please refer to our dedicated article here.
Another factor that could influence ADA’s resurgence is the actions of large investors, known as whales. According to a recent report by Santiment, these whales have consistently been accumulating since late November 2023. Notably, they purchased over 1.4 billion ADA and 2.35% of the entire supply during this period. The price has risen more than 110% since whales restarted their buying spree.
This development is not surprising, as these actions reduce the circulating supply and could make it more valuable (assuming demand remains constant or increases). It’s also essential to note that purchases from whales often signal confidence in ADA, encouraging other investors to follow suit.
Source: cryptopotato.com
