Cardano (ADA) Shows Bullish Signs with 4.5% Rise
Cardano (ADA) has experienced a positive surge in the past 24 hours, witnessing a 4.5% increase in its value. This upward trend is attributed to the overall bullish sentiment currently prevailing in the altcoin market.
Several prominent crypto traders have expressed their optimistic outlook on Cardano's future price movement. Brandon Hong, a well-known crypto trader, identified an entry point around 80 cents for ADA in a recent post. He anticipates a potential rise to $1.20, with further possibilities of reaching $1.60 or even higher if this level is successfully breached.
Pseudonymous trader Ssebi also shares a similar target of $1.25, while Altcoin Scholar predicts a chart pattern that could propel ADA to $2 in the long term.
Beyond individual trader predictions, the broader crypto community is also demonstrating confidence in Cardano. Digital asset manager Bitwise submitted an application for an exchange-traded fund (ETF) based on its existing 10 Crypto Index Fund, where Cardano holds a significant weight of 0.70%.
Cardano co-founder Charles Hoskinson highlighted a community member's tweet showcasing Cardano's impressive transaction volume. The tweet emphasizes that Cardano processes a substantial portion of transactions compared to Bitcoin and Ethereum, while trading at a significantly lower valuation. This highlights Cardano's potential as an "organic chain" within the crypto landscape.
Furthermore, Cardano achieved a notable milestone with the deployment of its first zero-knowledge (ZK) smart contract, Halo2, on its mainnet. This advancement signifies Cardano's commitment to innovation and technological progress.
Overall, the recent developments and positive sentiment surrounding Cardano suggest a promising future for the cryptocurrency. While the market remains dynamic, the current indicators point towards continued growth and potential price appreciation for ADA.