After the storm comes the sun. The crypto market seems to be recovering for 2 days. Cardano was specifically among the top gainers, up 30% in the last 24 hours. We at CryptoTicker have been talking about Cardano for a while now. The recent crash weighed heavily on ADA prices, although Cardano is a very promising crypto project. Now that prices are climbing again, is it a good idea to buy Cardano? Can Cardano reach $1? Let’s evaluate in this Cardano price prediction article.
What is Cardan?
Cardano is a blockchain network that prides itself on being technically superior, secure, and scalable. Charles Hoskinson, co-founder of Ethereum, created Cardano in 2017. The Proof-of-Stake consensus technique is used by the blockchain. ADA is Cardano’s network token. The evidence-based methodology with which the blockchain is continuously developed is what makes Cardano unique. Scientists work on the blockchain and assess the flaws in existing blockchains so that the Cardano blockchain can fix them. Cardano is still a blockchain that avoids the blockchain trilemma. Scalability, security, and decentralization are all strengths.
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Cardano’s price has exploded in the last 24 hours
The cryptocurrency market has been consolidating for the past 2 weeks. We’ve already said that prolonged consolidations after severe crashes are usually a good thing. They allow markets to breathe while giving investors a chance to buy their favorite cryptocurrency at a heavily discounted price. This often triggers a reverse snowball effect, where buyers enter a ‘dead market’, raising prices, having a positive impact, and then driving prices even higher. In the case of Cardano, things have been cooking since last week.
ADA prices deteriorated sharply when they broke below the $1 price mark. ADA hit a low of $0.40. This crash was seen as a massive discount on ADA. Today, as the market is poised to rally, ADA managed to come back stronger, making gains of over 30% in 24 hours.
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Cardano Price Prediction – Can Cardano Hit $1 Again?
Since the entire cryptocurrency market is bullish and Cardano has reacted positively, we can safely assume that prices are bullish again. This assumption takes into account that ADA prices will remain in the next few days above the $0.60 price mark. From there, ADA can move to the psychological price of $1 after breaking through the $0.78 barrier.
On the other hand, we expect the area between $0.9 and $1 to be a strong resistance. The prices might face strong resistance, but once the resistance is broken, we can assume the full recovery of ADA.
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