Cardano (ADA) Price Prediction: Will ADA Price Rise by 40% and Hit $1?

A common critique of Cardano is that it is a ghost chain or a blockchain network with no major dApps in its ecosystem.

A common critique of Cardano is that it is a ghost chain or a blockchain network with no major dApps in its ecosystem. However, Charles Hoskinson, its founder, addressed these concerns in an X post last week.

In a reply to a FastCompany article, he argued that Cardano had real numbers. Meanwhile, the market was largely focused on other chains with fabricated statistics.

“They’re focused on a chain that has no users, no dApps, no liquidity, and fake TVL and trading volumes. But because the journalists like the token more, they’re writing about it.”

In another X post, he celebrated a crucial Cardano news, where a San Francisco startup named as Haus was actively hiring a developer to migrate from Ethereum to Cardano. This is a notable development since Haus is a fast-growing company that has raised $40 million in venture funding.

Another startup is migrating to #Cardano from Ethereum. This time it's Haus, a San Francisco startup. They're hiring a Solidity to Plutus DEIIR. Haus is a tech company that provides online marketing optimization for companies of all sizes. As such, they're likely looking to use Cardano due to its lower costs, fast transaction speeds, and the fact that it is one of the most decentralized players in the crypto industry.

According to Crunchbase, Haus has a valuation of $400 million and has raised $40 million in venture funding. The company is known for its advanced artificial intelligence technology, which it uses to develop marketing solutions that drive engagement and conversions.

Cardano's ecosystem is still smaller than others compared to other chains. Its DeFi ecosystem has a total value locked (TVL) of $365 million, while its stablecoin market cap is just $23 million. In contrast, Solana has $6.8 billion and $12 billion in stablecoins.

Despite this, Cardano is still a significant blockchain network with a strong community and a bright future ahead. It will be interesting to see how the ecosystem continues to develop in the coming months and years. ADA is currently trading at $0.82.

Cardano Price Technical Analysis

Technicals point to more ADA price upside in the coming weeks. On the weekly chart, it has formed a descending channel and is slightly above its lower side. The coin has also formed a bullish flag pattern, which is characterized by a vertical line and some consolidation.

The coin is being supported by the 50-weekly moving average, meaning that the uptrend that started in 2024 is still intact. The coin is also hovering near its key support at $0.806.

Also, as this CoinGape article noted, it is in the second phase of the Elliot Wave pattern. This phase is usually followed by the third wave, which is usually the longest. As such, hopes of the coin hitting $1 will remain as long as it is above the 50-weekly moving average.

A drop below the lower side of the bullish flag at $0.52 will invalidate the bullish ADA outlook, and point to a drop to $0.282, the lowest swing on August 5.

Frequently Asked Questions (FAQs)

1. Will Cardano price jump to $1?

Technicals point to more upside for ADA in the coming weeks. On the weekly chart, it has formed a descending channel and is slightly above its lower side. The coin has also formed a bullish flag pattern, which is characterized by a vertical line and some consolidation.

The coin is being supported by the 50-weekly moving average, meaning that the uptrend that started in 2024 is still intact. The coin is also still trading above its key support at $0.806.

Also, as this CoinGape article noted, it is in the second phase of the Elliot Wave pattern. This phase is usually followed by the third wave, which is usually the longest. As such, hopes of the coin hitting $1 will remain as long as it is above the 50-weekly moving average.

A drop below the lower side of the bullish flag at $0.52 will invalidate the bullish ADA outlook, and point to a drop to $0.282, the lowest swing on August 5.

2. Which technicals support the bullish ADA price estimate?

The coin is supported by the 50-weekly moving average, and it is still in the second phase of the Elliot Wave pattern.

3. Will Charles Hoskinson’s X posts boost Cardano token?

The news of a San Francisco startup migrating from Ethereum to Cardano could see more interest in the coin.