Cardano’s native token, ADA, shows signs of awakening from its multi-year bear market slumber. The smart contract platform has lagged peers during the recent crypto frenzy but appears positioned for major catch-up activity in 2024.
Racing Towards Critical Resistance
Veteran analyst Sebastian flags ADA taking out the crucial $0.55 level that capped previous rally efforts over the past year. With this formidable resistance now in the rearview mirror, ADA seems poised to tackle the $0.67 zone.
Noting Bitcoin’s bullish momentum exhibiting strength, Sebastian believes Cardano could even exceed the year-old highs to tag $0.75 in short order. The technical setup bodes well for ADA to sustain its newfound momentum.
Adding sturdiness to the bullish outlook, on-chain analytics platform Messari’s latest Cardano ecosystem report reveals steady fundamental development, powering long-term viability. Staking participation hit all-time highs in 2023, signaling strong user conviction even amidst the brutal bear market.
$1 Pre-Halving In Peril
Despite the improving technical and adoption backdrop, some pundits view hitting $1 before Bitcoin’s May 2024 halving as improbable without a violent altcoin run or colossal catalysts emerging.
Respected investor Dan Gambardello recently bet 1,000 ADA that Cardano won’t reach $1 by the scheduled halving event. This aligns closer to the measured pace of recovery analysts expect for ADA than another vertical impulse higher.
Of course, Gambardello himself stands to profit handsomely if proven correct. Hence, traders should take the wager as one perspective on realistic interim upside.
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Show more +Show less – Key Milestones Achieved
While huge leaps before May seem unlikely, Cardano’s methodical march towards mass adoption continues unhindered.
Messari highlights achievements like launching data protection-centric sidechain specifications in Midnight, progress on core network layers Hydra and Mithril, and most importantly, – total value locked in DeFi protocols has surged from $300 million to exceed $4 billion since 2022.
So despite the lag in token prices, developers continue to build real utility to fuel long-term demand. Once market conditions normalize, ADA looks well-positioned for sustainable appreciation by maintaining growth even amidst adversity these past years.
According to the latest data, ADA is trading at $0.5752 with a 6.5% surge in value over the last 24 hours.
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