The cryptocurrency market shows healthy recovery signs, with Bitcoin (BTC) briefly crossing the $50k mark. Cardano (ADA) also follows the market trend, rallying 2.8% in the daily charts, 12.4% in the weekly charts, and 2.3% over the previous month. Moreover, the asset is up by 52% since February 2023.
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ADA’s latest rally could be due to BTC’s recent surge. BTC miners are holding on to their coins this month, contrary to last month. Moreover, the original crypto will undergo its next halving cycle in April, which may have led to a surge in investor sentiment.
However, Cardano (ADA) might have more to offer if it can surpass its immediate resistance level.
Cardano (ADA) to hit $0.68?
According to crypto analyst Ali Charts, Cardano (ADA) faces a significant obstacle between $0.54 and $0.56. This zone holds 2 billion ADA tokens from 50,000 addresses. However, if the asset can overcome this resistance, it could pave the way to $0.68. Hitting $0.68 from current price levels would translate to a growth of about 24%.
According to Changelly, Cardano (ADA) will hit a monthly high of $0.61 on February 27, 2024, before falling. Reaching $0.61 from current price levels would translate to a growth of about 10.9%. The platform anticipates a maximum price of $0.607 for March 2024.
Also Read: Cardano (ADA) Could Rally 1500% to $8: Predicts Analyst
CoinCodex also anticipates ADA to hit $0.60 by the end of the month, a growth of about 10% from current levels. However, CoinCodex also anticipates ADA’s price to dwindle at the beginning of March.
However, there is also a possibility that the current rally will sustain itself through next month, given that BTC will undergo its halving in April. Investors may begin to buy more assets in anticipation of a bull run later this year.