TL;DR
- Cardano’s ADA has risen by 33% since the August 5 crash, with potential for further growth depending on broader market trends and other factors.
- An upcoming Cardano hard fork focused on decentralization and community-driven governance could also boost ADA’s price.
Is There a Chance?
Cardano’s ADA has experienced a substantial resurgence lately, with its price rising by around 10% on a two-week scale. Currently, it trades at around $0.36 (per CoinGecko’s data), representing a 33% rise from the local bottom registered during the crypto market crash on August 5.
We decided to ask ChatGPT whether ADA’s uptrend can continue in the near future and whether its price can hit the psychological level of $0.50 before the end of the month.
The AI-powered chatbot estimated that numerous factors may fuel such a price rally, with the broader crypto market performance being a major one.
“The overall performance of the cryptocurrency sector, including Bitcoin’s movements, heavily influences ADA’s price. If the market sees a bullish trend, ADA might follow,” ChatGPT predicted.
The digital asset sector experienced an evident uptick since the aforementioned collapse at the start of the month, with its global market cap rising well above $2.2 trillion. In comparison, that figure plunged below $2 trillion three weeks ago, while Bitcoin (BTC) briefly fell under $50,000.
Other elements that ChatGPT depicted as bullish for ADA’s potential uptrend in the following days include positive regulatory news, investor sentiment, and macroeconomic conditions.
The Most Important Factor?
Cardano’s Chang Hard Fork, scheduled to go live on the mainnet on August 27, might also contribute to a bull run for ADA.
The upgrade is part of the Voltaire era, which focuses on complete decentralization. The Chang Hard Fork is linked to a transition towards community-driven governance within the ecosystem, enhanced security, and improved transparency.
The upcoming development seems to have already started making waves across the crypto space. Earlier this week, the market intelligence platform Santiment estimated that ADA’s Weighted Sentiment (a metric that takes social volume into account) reached its peak level for 2024.
This comes despite the fact that the token’s price is down over 50% on a five-month scale. What’s more, only 21% of the ADA holders are currently sitting on some paper profits, while nearly 75% are underwater.
The post Can Cardano (ADA) Reach $0.50 Before the End of August? (ChatGPT Analyzes) appeared first on CryptoPotato.
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