Here’s When Cardano Price Can Reach $0.50 and $0.60

Cardano price has been a key player in the cryptocurrency market, capturing the attention of investors and analysts alike. As the blockchain continues to advance its capabilities, particularly through efforts to enhance interoperability with the Bitcoin network, the question of its price trajectory has become increasingly pertinent. Investors are eagerly speculating on when Cardano will hit significant milestones, such as $0.50 and $0.60. In this analysis, we delve into the factors driving ADA’s growth and provide projected timelines for these price targets.

When Can Cardano Price Hit $0.50?

Cardano has shown resilience in terms of growth potential, especially during the past few months of volatility. The crypto market faced sharp declines, but the ADA community remained strong, and the Cardano team continued to build.

The most recent development is a smart contract built on Plutus V3 that allows Bitcoin wallets to control it directly. This could potentially allow BTC users to send and stake ADA coins in any Cardano pool without creating new wallets on the Cardano chain.

It works 🤯

This address is a smart contract, built on Plutus V3, that allows a Bitcoin wallet to control it directly!

Bitcoin users can now send ADA, tokens, and even stake in any Cardano pool — no new wallet needed.

Tldr: A seamless bridge between Bitcoin and Cardano apps is… pic.twitter.com/voF1DvSbUv

— elraulito (@ElRaulito_cnft) September 22, 2024

As of September 2024, ADA price is up 0.1% and is trading at $0.35 after experiencing a significant dip last month. The recovery is largely driven by positive sentiment returning to the broader market led by Bitcoin.

The excess market demand for ADA, with Longs surpassing Shorts by $3.94 million on the monthly timeframe, shows a strong support base at the $0.31 and $0.34 levels.

The imbalance reflects the positive sentiments dominating the Cardano market because traders anticipate the price will rise soon. If the Cardano price action continues with its current trend, it could reach $0.50 before mid-November.

When Can Cardano Price Reach $0.60?

Looking further ahead, the ADA price path to $0.60 is all but possible. The last time ADA touched this price was in late April, before the post-halving crash impacted the entire crypto market. ADA price could hit $0.60 within days of clearing $0.50, as according to the Cardano price chart, the asset would surge after the breakout from a falling channel.

Further, the $0.5 would serve as new support as it coincides with the 200-day simple moving average (SMA). The resistance levels to beat even before $0.50 include $0.38 and $0.45.

Catalysts That Could Speed Up ADA Price to $0.50 and $0.60

Broader market dynamics play a role in the Cardano price trajectory. Factors such as Bitcoin price performance, regulatory developments, and overall investor sentiment can influence the speed at which ADA reaches these price targets.

One particular event that could cause swift price action is the upcoming United States Elections on November 4. Currently, it’s Donald Trump against Vice President Kamala Harris. While the former is undoubtedly pro-crypto, the crypto community is skeptical about the latter’s recent pro-crypto comments.

However, if the pro-crypto stance is genuine, it could cause one of the largest bull runs post-elections, which could cause ADA price to surge beyond $0.50 and $0.60.