Will Cardano (ADA) Hit $1 by 2023?

The crypto market is witnessing notable developments, especially in the world of Bitcoin (BTC) exchange-traded funds (ETFs) that are reaching a crucial stage. With these developments, a popular cryptocurrency, Cardano (ADA), popular for its technical robustness and scientific approach, is gaining traction for its recent price changes and potential growth.

The focus of the crypto market on Bitcoin ETFs reflects an increasing optimism. The Securities and Exchange Commission (SEC) in the US, with its ever-changing stance on ETFs and the popularity and success of various products such as ProShares Bitcoin Strategy ETF, projects a maturing crypto market. With regard to this, Cardano has emerged to stand out both for its uniqueness and its sign of progress, human ingenuity, and price movements in the crypto space.

The chart of ADA price movements reveal the resilience of the crypto and its relation with market sentiments. A bullish pattern is projected via technical analysis through a 10-day SMA (simple moving average) surpassing its 200-day SMA and a stable RSI (relative strength index), indicating room for success and growth.

Cardano price could reach an all-time high of $0.45 and $0.50 in this bullish scenario. Conversely, a more bearish trend indicates a fall to 0.33 support levels or lower.

Considering this, according to our ADA crypto price prediction, reaching the $1 mark might be a little far-fetched, especially before the end of 2024. For Cardano to reach $1, it may require performing more than 100% in a month, which may not be feasible.

Recently, ADA experienced an intraday gain of 5% attributed to the excitement over OpenAI‘s founder, Sam Altman‘s potential partnership. This increase is only a part of the broader trend, which includes a substantial price increase of Cardano since the start of 2023. The building of golden cross patterns on daily price charts further pushes the bullish trend for ADA/USD, with resistance at $0.40 and $0.41 being the main levels to observe.

The partnership between Charles Hoskinson, the founder of Cardano, and Sam Altman has sparked new interest within the Cardano ecosystem despite the developments on the Cardano blockchain network. This collaboration could elevate ADA above other major cryptocurrencies, pushing its prices further.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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