Speculations surrounding Cardano (ADA) have exploded, considering the spectacular BTC bull run. The recent Bitcoin bull run has propelled leading altcoins to surge ahead, including Cardano, which is trading at $0.68.
ADA is up 9.92% in the last 24 hours, fueling hopes for crypto enthusiasts. Its stellar progression has compelled investors to hope that the touted altcoin will soon touch the $1 mark.
Also Read: Cardano Spikes 6% in 24 Hours: Why is ADA Pumping Today?
Cardano Gains Market Momentum
With Bitcoin touching the new all-time high of $64K, leading altcoins have also soared along with BTC. Cardano, primarily, is up 4% at press time, projecting a bullish stance.
Cardano’s positive ascent has also been fueled by multiple factors. The ADA ecosystem has been leaving no stone unturned to keep Cardano at the forefront of technological developments.
Cardano’s parent firm, IOHK, has recently unveiled the Plutus V3 Engine to take its ecosystem up a notch.
Similarly, a positive Messari report observed how ADA’s adoption has noted a consistent rise.
“Cardano’s average daily transactions grew by 10.9% QoQ. The ratio of transactions to active addresses grew steadily over the past year. The Q4 Transaction/Active Address ratio of 1.60 was up 9.2% QoQ and 45.0% YoY.” Messari shared
Also Read: Cryptocurrency: 3 Coins To Watch Under $1 as Bitcoin Hits $56,000
When will ADA Reach $1?
A cryptocurrency’s price is affected by multiple market forces. However, as per analysts at Changelly, ADA is poised to encounter a $0.98 drop in its price by March 1st.
“Our analysis of the technical indicators suggests that the current market feeling is bullish-bearish 10%, with a Fear & Greed Index score of 82 (extreme greed).” Changelly shared.
The data also showed how Cardano has had 18/30 (60%) green days and 8.07% price volatility in the last 30 days. If ADA continues to ascend, leveraging the current crypto market bull momentum, it could soon breach the $1 mark.
A notable analyst named Ssebi shared how Cardano has finally broken resistance to climb to $0.67. The analyst had earlier shared an interesting chart insight on X. Ssebi noted how a possible cup and handle pattern is appearing on Cardano’s daily chart.
A cup and handle pattern is usually considered a bullish pattern, denoting an upswing.