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Cardano (ADA) is making a big splash today, joining the accumulation of altcoins striving to reach new heights today. At the time of writing, Cardano is trading at a spot price of $0.3993, up 10.2% in the last 24 hours. Indeed, Cardano’s current growth trend has helped it reduce all outstanding losses, and the digital currency is up 7.72% in the last seven days.
Cardano’s performance so far has been patchy, and sentiment around the Bitcoin spot ETF is shaping investor action. On Platform
According For Martínez, the ADA price trend reflects related events that took place in the 2018-2020 era, just before the COVID-19 pandemic appeared on the scene. The analyst predicts that if the current surge pushes the coin above the $0.45 resistance point in early December, Cardano could shoot towards the $0.75 mark.
If this projection comes true, this would be the highest Cardano price since May 2022. On the positive side, this price could shoot up to $1 in the long term, a level of growth that would imply a 153% increase from the level. current.
Strengthening Cardano’s fundamentals
Every crypto project has two unique facets to the price action, and this includes the technical and fundamental parts. While Martínez has projected hope based on technical considerations, Cardano is not sitting on its laurels when it comes to building innovative protocols that can greatly drive adoption.
From the launch of Mithril on mainnet at the beginning of the year to the launch of Lace Wallet, Cardano’s parent company Input Output Global has been actively working throughout the year. The Midnight Protocol currently being hyped also adds to the mix, cementing the thesis that Cardano has everything it needs to fundamentally sustain its bullish growth projections.
