Cardano ($ADA) might soon see a rise. Ali Martinez in a X post notes that in preparation for a breakout, $ADA is consolidating inside a symmetrical triangle.
The breakout can result that in a 40% price rise if it happens. The prediction comes at a time when Cardano is swinging between the positive and the negative territory constantly.
At the press time, the coin is trading at $0.9691, therefore a 40% price rise will make the coin trade at $1.358 a piece.
Cardano: What Will Investors Look Out For?
In the blockchain realm, Cardano has become very popular because of its distinctive approach to security, sustainability, and scalability. The development method of Cardano, which was started by Charles Hoskinson, a co-founder of Ethereum, is based on peer-reviewed research, which sets it apart from many other blockchain initiatives.
Its Proof of Stake (PoS) consensus process, known as Ouroboros, is more energy-efficient than conventional Proof of Work, drawing interest from developers and users who care about the environment.
Therefore, any development in the ecosystem can help the token see a future rise in price.
Additionally, optimistic trends in the broader crypto market are likely to push the coin upwards as investors regain their risk appetite.
Also Read: Cardano’s Plomin Hard Fork Goes Live Today, Marking A Major Shift To Decentralized Governance
Why is Cardano Getting Market Traction?
A reputation for dependability and long-term promise has been established by Cardano’s emphasis on academic rigor and scientific principles. With developers hoping to expand upon its stable and expandable infrastructure, the platform is home to an expanding community of DeFi projects, smart contracts, and decentralized apps (dApps).
Furthermore, Cardano’s governance architecture promotes community involvement by enabling users to take part in protocol updates. Although other smart contract systems like Ethereum and Solana have competed with Cardano, its dedication to sustainability and security keeps it attractive with both developers and investors.
$ADA’s Price Prediction Comes Amid New Network Update
The new $ADA price rise comes amid Cardano’s new hard fork update.
The Cardano Plomin hard fork is a significant update meant to enhance the network’s performance and scalability.
It improves the consensus layer, enabling quicker transaction processing and more room for smart contracts and decentralized apps (dApps).
With this update, Cardano’s standing as a scalable blockchain platform is reinforced.
$ADA Technical Indicators: What to Expect?
According to market technical indicators, the Fear & Greed Index for $ADA is currently at 76 (Extreme Greed), while the attitude is neutral.
Over the previous 30 days, Cardano saw 17 out of 30 (57%) green days and 6.35% price volatility. With 19 technical analysis indicators indicating bullish signs and 11 indicating negative signals, the overall sentiment of Cardano price prediction is neutral.
Our technical indicators predict that Cardano’s 200-day SMA will increase over the course of the upcoming month, reaching $ 0.793074 by March 02, 2025.
An indicator that is widely used to determine if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum oscillator. The ADA market is currently in a neutral condition, as shown by the RSI figure of 49.26.
Also Read: Cardano’s $ADA Faces 6% Price Drop As Whales Dump 70 Million ADAs In Last 48 Hours