The Cardano price has risen by 8% in the past 24 hours, reaching $0.437258 after Ethereum’s successful Shanghai upgrade boosted the cryptocurrency market as a whole.
ADA’s current price means it has gained by 14% in a week and by 27% in the last 30 days, while the altcoin is up by 77% since the start of 2023.
And with its 24-hour trading volume rising beyond $500 billion in the past day, it seems that enough liquidity is entering the altcoin’s market to send its price even higher.
On top of this, Cardano continues to grow as a platform, with its total value locked in rising steadily and with other 1,200 projects building on its network, all of which points to a steadily rising ADA price over time.
Cardano Price Forecast as $500 Million Trading Volume Comes In – Are Whales Buying?
ADA’s chart makes for some encouraging reading, with its indicators showing plenty of momentum right now.
Its relative strength index (purple) has climbed over 70, a level that signals a breakout rally.
At the same time, its 30-day moving average (yellow) continues to ascend further above its 200-day average (blue), something which also supports the claim that a breakout is underway.
If ADA can break through the $0.44 resistance level then this rally could continue for a while longer yet, potentially lifting the altcoin to $0.45 or a little higher before running out of steam.
The short-term cause of the coin’s rally today is the bullish news that Ethereum successfully completed its long-awaited Shanghai/Shapella upgrade, which enables the withdrawal of staked ETH.
While this news obviously has no direct bearing on Cardano, it has nonetheless instigated an altcoin rally, with most major layer-one cryptocurrencies posting 24-hour gains today in excess of Bitcoin (BTC).
More generally, the market is also being buoyed right now by the slight improvement in inflation data it has seen this week, suggesting an eventual improvement in the global economy and an end to interest rate hikes.
As for ADA itself, it continues to benefit from the gradual development of Cardano as a layer-one smart contract platform.
Cardano’s total value locked in has risen to $163.5 million, up from $100 million at the start of February and $49 million at the start of 2023.
This provides some insight into how quickly Cardano’s ecosystem of apps is growing, with decentralized exchange Minswap having around $67.75 million in tokens in its smart contracts at the moment.
On top of this, the platform now counts 1,221 projects building on its network, as well as over 122 already launched.
It’s also worth remembering that Cardano regularly ranks at or near the top of the list of blockchains for development activity, as measured in terms of GitHub commits.
This suggests that, while many other platforms may tend to attract most of the hype, Cardano is quietly building in the background, reaching a point where it delivers the kind of scalability and security that some of its rivals lack.
In fact, Cardano is very close to releasing Hydra, its layer-two scaling solution that will increase its throughput and lower its fees significantly.
Hydra’s full launch will boost development and deployment on Cardano considerably, making it easier and more attractive to build apps for the network.
For this reason, there’s a real possibility that ADA could see continued gains over the next few weeks and months, potentially pushing it beyond $0.5.
From there, a return to more bullish conditions could even see it approach $1, making for a 127% gain from its current price.
Is Now the Time to Buy ADA?
It certainly seems as though, after a quiet 2022, ADA is in a good position to rack up some sizeable gains.
However, such gains may still take several months to materialize, meaning that traders looking for above-average returns in the shorter term may prefer to look elsewhere at the moment.
Fortunately, there are numerous other high-potential tokens promising big gains in the short- as well as long-term.
To help identify such tokens, the Cryptonews Industry Talk team has assembled a selection of the top 15 cryptocurrencies to keep an eye on in 2023.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
