Cardano (ADA) is following the crypto market uptrend, rallying 22.4% in the weekly charts, 21.9% in the 14-day charts, and nearly 51% over the previous month. ADA’s latest rally is likely due to Bitcoin (BTC) inching closer to its all-time high of $69,044. BTC is trading at around $66,800 and is only 3.1% away from its 2021 peak.
While speaking to Forbes, Gracy Chen, Managing Director of Bitget, stated, ‘ADA’s staking has experienced a 300% surge this year alone, with around 22.79 billion ADA staked, resulting in a commendable staking ratio of 63%.‘
Also Read: Cardano: ADA Won’t Trade Below $1 Much Longer, Says Analyst
Moreover, Chen highlighted, ‘Over the past 12 months, daily users have fluctuated between 40,000 to 80,000, but recent data indicates a trend towards 60,000.‘
Chen added, ‘In the short term, ADA’s potential to deviate from BTC’s prevailing trend seems restricted. A resistance point near $US0.6 is evident.‘
However, Cardano (ADA) has already surpassed the $0.6 resistance level and is currently trading at around $0.76.
Will Cardano (ADA) hit $1 in March 2024?
ADA is currently 31.5% away from hitting the $1 level. Moreover, the asset is down by over 75% from its all-time high of $3.09, which it attained in September 2021.
According to CoinCodex, ADA could reach a maximum price of $0.852544 in March. Reaching $0.85 from current levels would translate to a growth of about 11.8%.
Also Read: Cardano Boom: Analyst Draws Parallels on Why ADA is Better Than ETH
Changelly, on the other hand, anticipates Cardano (ADA) to hit a maximum price of $0.800677 in March, which it may attain on the 18th. Moreover, Changelly predicts ADA’s price to fall after hitting $0.80 this month. The platform anticipates ADA to breach the $1 mark in May 2025, a little over a year from now.
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