Cardano (ADA) Price Estimate March 2024 – Rise or Fall?

Like many other cryptocurrencies, Cardano (ADA) remains supported after Bitcoin’s price managed to climb above $60,000.

Buoyed by flows into new U.S. spot bitcoin exchange-traded products that have driven it up more than 40% in February, this marked its largest monthly rally since December 2020. However, it is important to say that a Cardano (ADA) price surge is not only connected with the rally of Bitcoin but also with a reflection of the substantial progress witnessed across the Cardano ecosystem.

Significant advancements in core technology, smart contracts, scaling solutions, and governance efforts have also laid the groundwork for ADA’s impressive rise. Cardano (ADA) has advanced more than 40% since February 01, 2024, rising from $0.48 to a high of $0.76.

The current price of ADA stands at $0.72, and for now, bulls continue to control the price movement. But where is the price of ADA going next, and what can we expect from March 2024?

Today, Crypto Lists will discuss Cardano (ADA) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Cardano (ADA) surging not solely attributed to Bitcoin’s rally

Cardano is a blockchain platform that allows transactions in its native cryptocurrency ADA, and enables developers to build secure and scalable applications powered by it. Cardano is connected with various payment programs, and it is important to say that a variety of projects have been built on the Cardano platform.

Cardano users need to buy ADA to facilitate transactions and participate in governance. Ownership of the token determines who gets to be a slot leader and add new blocks, and who earns a share of fees paid for transactions in blocks. ADA tokens are also used for voting on software policies, such as inflation rate, giving participants an incentive to hold ADA and ensure its future value.

Similar to numerous other cryptocurrencies, Cardano (ADA) has got a boost after Bitcoin’s price surpassed $60,000. However, the surge in Cardano (ADA) price is not solely attributable to Bitcoin’s rally but also reflects the significant progress observed within the Cardano ecosystem which includes developments in core technology, smart contracts, scaling solutions, and governance initiatives.

Regarding core technology, the ledger team achieved notable progress by implementing reference script support for Plutus V1 in Conway. This advancement, combined with bug fixes that rectify stake distribution inaccuracies, establishes a strong foundation for the blockchain’s functionality. Meanwhile, the Plutus team has progressed in smart contract implementation by introducing the Plutus contract blueprint for Plutus Tx and enhancing the quick start guide to facilitate smoother developer onboarding.

Rating: 9.17/10
Supply: 34,159,599,616 / 44,999,999,488
Release date: January 15, 2015

Description: Discover Cardano and be part of the cryptocurrency revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

›› Read Cardano review›› Buy or Sell ADA here

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Ecosystem poised for further growth and development

Scaling solutions also saw significant improvements as the Hydra team addressed critical bugs, refined fee estimation mechanisms, and integrated transaction metadata enhancements. Similarly, the Mithril team launched a new release featuring crucial updates, such as enhanced stake distribution support and bug fixes. On the governance front, the SanchoNet team rolled out a patch release to resolve compatibility issues and simplify wallet upgrades.

It is also important to mention that Cardano has recently experienced a 90% surge in the creation of new wallet addresses, signaling heightened network activity and growing interest in the platform. A surge of activity on the platform contributed to the fact that Cardano reached a historic milestone, with its total blocks reaching 10 million on March 01.

Another important piece of information is that Cardano is preparing to debut its flagship fiat-backed stablecoin, USDM, scheduled for release on March 16th. As ADA continues to attract attention from investors, crypto analysts have agreed that the Cardano ecosystem is poised for further growth and advancement in the burgeoning cryptocurrency landscape.

Technical analysis for Cardano (ADA)

Cardano (ADA) has advanced more than 40% since February 01, 2024, rising from $0.48 to a high of $0.76. The current price of Cardano (ADA) stands at $0.72, and as long the price of ADA is above $0.60, we can’t talk about a trend reversal, and the price of this crypto remains in the BUY-ZONE.

Important support & resistance levels for Cardano (ADA)

On this chart (the period from May 2023), I marked important support and resistance levels that can help traders understand where the price could move. According to technical analysis, bulls control the price movement of Cardano (ADA) and if the price advances above $0.80, the next target could be $0.90 or even strong resistance that stands at $1.

The important support level is $0.60, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.55. If the price drops below $0.50, which also represents very strong support, the next target could be located around $0.40.

What speaks for the rise in the Cardano (ADA) price?

The amount of ADA traded over the last several weeks saw a significant increase which may imply confidence among investors. According to the technical picture, ADA still has room for the upside, and if the price advances above $0.80, the price could reach $1 very soon.

Traders should also consider that the price of ADA is correlated with Bitcoin, and if the price of Bitcoin jumps above $65000, we can see this cryptocurrency at a higher price level than the current price. The significant progress observed within the Cardano ecosystem which includes developments in core technology, smart contracts, scaling solutions, and governance initiatives has also positive influence on the price of ADA.

What indicates the downward swing of Cardano (ADA)?

Investing in ADA involves a significant degree of unpredictability and substantial risk. While positive advancements have the potential to drive considerable price surges, they also come with associated risks. The downfall of ADA can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends.

ADA is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. It’s essential to note that ADA’s critical support level stays at $0.60, and a breach of this level could set the stage for a potential target of $0.50.

What do analysts and experts say?

Cardano (ADA) is showing a correlation with Bitcoin and with the rest of the cryptocurrency market and since February 01, 2024, this cryptocurrency has surged more than 40%. However, it is important to say that a Cardano (ADA) price surge is not only connected with the rally of Bitcoin but also with a reflection of the substantial progress witnessed across the Cardano ecosystem.

Cardano has recently experienced a 90% surge in the creation of new wallet addresses, signaling heightened network activity and growing interest in the platform. A surge of activity on the platform contributed to the fact that Cardano reached a historic milestone, with its total blocks reaching 10 million on March 01.

As ADA continues to attract attention from investors, crypto analysts have agreed that the Cardano ecosystem is poised for further growth and advancement in the burgeoning cryptocurrency landscape. Popular crypto analyst Dan Gambardello said last week that because of the fact that the Cardano blockchain recently crossed over 10 million blocks, ADA could experience further gains in the weeks ahead.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.