Cardano (ADA), the smart contracts platform known for its methodical development approach, has defied expectations in 2024. While other major coins like Bitcoin and Ethereum experienced significant swings, ADA started strong before settling into a sideways trend.
Recent Surge Hints at Bullish Reversal For ADA
However, a recent price surge suggests a potential reversal. After a 10% drop in early July, ADA bounced back with a vengeance, gaining 16.72% in the last week alone. This rally is particularly noteworthy considering Cardano only saw 16 green days out of the past 30. This sudden bullish momentum has analysts excited about the possibility of a sustained price increase.
Cardano Nears Resistance, But Support Remains Strong
The current price of $0.45 sits right at a resistance zone. A breakout above this level would be a bullish signal, but even if rejected, support levels near $0.43 should prevent a major drop.
Read Also: Cardano (ADA) Price Analysis: Price Eyes $0.50 After 40% Surge; Is Another Leg Up Imminent?
However, even if the price faces resistance and gets rejected, strong support levels near $0.43 should prevent a major drop, offering some comfort to investors. This support zone could act as a springboard for another attempt to break through the resistance in the future.
AI Predicts Modest Gains For ADA by August 1st
Looking ahead to August 1st, various AI models offer mixed predictions for Cardano’s price. PricePrediction takes a conservative approach as it estimates a price of $0.487693. However, ChatGPT-4o injects optimism, suggesting a price of $0.52 by August 1st.
Gemini and Copilot Offer Nuance
Gemini aligns with PricePrediction’s target of $0.48 but emphasizes Cardano’s strong fundamentals as a potential catalyst for growth. Interestingly, Microsoft’s Copilot (balanced mode) predicts a slightly bearish $0.42 for August 1st. However, it acknowledges a wider range of $0.55 to $0.75 later, hinting at long-term bullishness.
Chang Hard Fork Could Be a Game Changer
The upcoming Chang hard fork, scheduled for later this month, adds another layer of intrigue. This significant upgrade could bolster Cardano’s capabilities and attract more users, potentially impacting the price positively.
