Will ADA price hit $2 level, this is one of the most searched questions on Google that Crypto enthusiasts are asking. On November 15, 2021, this was the last time Cardano’s ADA touched the $2 mark, and since then, it has been unable to reach that point.
However, this year in 2024, there is a possibility that ADA will hit the $2 level after several months because of upcoming events like Bitcoin halving, the ongoing bullish market sentiment, the recent approval of spot Bitcoin ETF, the potential approval of Ethereum ETF, Assets managers interest in cryptocurrencies, and many others things which are making ADA a better cryptocurrency project.
In this article, we get to know more about ADA’s technology, how ADA stands out from other cryptocurrencies, will ADA price increases after Bitcoin Halving, and many more questions. So read, till the end for better understanding.
What makes ADA stand out from other cryptocurrencies?
Cardano’s ADA stands out from other cryptocurrencies because of its innovative technology, making it more secure, scalable, and sustainable. As a third-generation blockchain, it also uses the Ouroboros proof-of-stake (PoS) mechanism.
It works on a proof-of-work model for transaction verification, and it uses the Ouroboros PoS mechanism which means it uses less energy as compared to Bitcoin which uses higher energy for transaction verification. Because of lesser energy consumption, it is environmentally friendly.
Cardano’s ADA technology is capable of running financial applications and currently, it is being used by many individuals, organizations as well as governments across the globe.
The recent development of the ADA community may impact the ADA price
Will ADA price increase after Bitcoin Halving?
The answer is yes, as the overall cryptocurrency market is heading toward a bull run, and this upcoming Bitcoin halving event also backs this. However, if we look at the historical data each time Bitcoin halved, the overall cryptocurrency market experienced a massive price surge and ADA price also increased following the halving.
Cardano Price Prediction 2024: Will ADA price hit $2?
In the cryptocurrency industry, it is very challenging to forecast the price of any cryptocurrencies because the crypto industry is very volatile and a piece of small news can impact the overall market. However, there is a possibility that Cardano’s ADA can hit $2 in 2024, as per technical analysis.
According to expert technical analysis, ADA is on a weekly time frame retesting its previous breakout level. Still, it is currently bullish because it is trading above the major resistance level which is $0.61. In order to hit $2, the ADA needs to breach 2 hurdles (resistance zone), the first $0.77 level and the $1.23 level.
Currently, Cardano’s ADA is struggling to gain momentum, in the coming days or after halving if ADA manages to give a breakout of $0.77 level and on a weekly time frame if the ADA candle closes above the level then there is a high possibility that ADA will hit $1.23 mark.
Additionally, if ADA’s weekly candle gives a breakout of the $1.23 level and if the candle also gives a closing above that level then there is a 90% chance that ADA price will hit the $2 level.
Is ADA a good investment for the long term?
As a third-generation blockchain after Bitcoin and Ethereum, Cardano’s ADA maintains its position in the top 10 cryptocurrencies list with a market cap of $23 billion, in the cryptocurrency landscape this all parameter makes a good investable asset.
Currently, Cardano’s ADA ranks 9th, and its performance for the last 30 days is quite poor as its price has dropped by nearly 3%. Whereas the other top 10 cryptocurrencies, experienced a massive gain in the same period, ADA also maintained its position in the top 10.
Because of a few hurdles and negative market sentiment ADA is struggling to gain momentum. But in the long term, ADA is bullish and there is a high possibility that ADA price may soar after halving events. In the long term, ADA might be a good investment as it has the potential to hit the $2 level. Which is everyone asking that “Will ADA Price hit $2.”
When will Cardano explode?
There are lots of questions that crypto enthusiasts are looking for answers such as when will Cardano explode, Will ADA Price hit $2, and many more. But the answer to these questions depends on various factors like market sentiment and the Bitcoin halving event.
Currently, Cardano’s ADA is consolidating for the last 21 days between $0.77 and $0.60. Cardano’s ADA will only explode, once the ADA price breaches the $0.77 level and after the Bitcoin halving event.
One of the major things which is currently, pulling ADA to surge is the ongoing consolidations. If ADA on a weekly time frame gives a breakout of this consolidation zone then there is a higher possibility that the Cardano price may explode.
Conclusion
As it is very challenging to forecast, however, there is a high probability that the ADA price will hit $2 by the end of 2024. Additionally, a few things that may help ADA price to surge $2 level are the upcoming Bitcoin Halving and the bull run. The overall market is struggling to gain momentum, including Bitcoin, Ethereum, Ripple, and Cardano.
Frequently Asked Questions (FAQs)
Will Cardano reach $5?
Currently, Cardano’s ADA is trading near 0.65, and its all-time high is $3.1. So, there is a high probability that it can hit the $3.1 level, but the $5 level is unbelievable.
When would be a good time to get into cardano?
However, as per the market sentiment and upcoming Bitcoin halving event that can cause the overall market to experience a massive upside momentum. Once this event is completed overall market will soar rapidly. So, this might be the right time to add Cardano’s ADA to the wallet.
How high Cardano can go?
As Cardano’s all-time high is $3.1 there is a high chance that it will hit the $3.1 level in 2024.
