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The crypto market is back, with Bitcoin priced at $50,000. Following the trend, Cardano (ADA) is also rising. The daily charts show 2.8% growth, the weekly charts 12.4%, and the monthly charts 2.3%. It’s up 52% since February 2023, and its trading volume is up 86.0% this week. Analysts expect Cardano (ADA) to surpass $0.700.
Since last week, ADA has broken through the 50-day Exponential Moving Average (EMA), a sign that it’s on a bullish streak. The current sentiment shows that investors are bullish about ADA’s potential to reach new highs, which is exciting news for anyone looking to invest for growth.
Expert Insight on Cardano Potential
A well-known veteran analyst, Gert van Lagen, recommends Cardano based on his analysis. He prefers ADA over coins like Solana and Ethereum because of its strong fundamentals. He believes ADA is more decentralized and doesn’t rely on big central players’ support, making it stand out.
Lagen also points out some recent issues with Solana’s network, which had unexpected downtime. This has made him even more confident in Cardano’s reliability and technical strength. He thinks Cardano has built-in features that prevent major network problems, reassuring investors.
Another thing Lagen likes about Cardano is its use of the EUTXO standard, which helps improve network capacity. He thinks this focus on smoothing transactions is a big plus for ADA. On the other hand, he’s not too thrilled about Ethereum’s pending ETF applications, as he believes crypto should stay decentralized.
While some people in the crypto community disagree with Lagen, others agree with him. They see Cardano’s technical strengths and reliability as key reasons to be bullish. Cardano’s recent performance and solid fundamentals make it an exciting option for anyone looking to invest in the crypto market’s upward trend.
Also Read: Will Bitcoin Price Stay Above the $50K Levels for Only 144 Days? Analyst Says FOMO Is Kicking In
Will ADA Price Hit $0.70?
The price of ADA is increasing, and a bullish flag pattern rising above $0.500 shows that bulls are ready to gain $0.700. The ADA coin has gone back down from its highs, tested its 100-day exponential moving average (EMA), and lost value.
However, Cardano’s price has extended gains, and bulls building up in this zone. Cardano’s price has risen above important moving averages, showing buyers are ready to leave the recent high of $0.7000 and go to the “blue sky” zone. The ADA coin left the lower high rows and made a higher low, which shows power and the possibility of fireworks.