- Cardano ADA has risen by 62.41% in a week.
- Some analysts suggest the token could soon hit the $1 mark by the end of 2024.
- Speculation around a possible Cardano-based voting system has helped fuel the token’s bullish rally.
Cardano’s is currently trading above $0.66, representing an almost 63% rise in just seven days. The token has even risen by over 13% in the past 24 hours, making analysts more optimistic that it could soon reach the elusive $1 mark by the year’s end.
Cardano could soon break past the $1 mark
Cardano ADA has risen in the last week, representing an impressive 62.41% spike in its trading price. Its market cap is well past $20 billion, oscillating at $23.36 billion, a 62% surge in the past seven days and a 14.58% rise in the last 24 hours. Moreover, its 24-hour trading volume is currently at $3.02 billion.
Some analysts have even suggested that the token will probably break the 78.6% Fibonacci level soon, registering an increase in its trading price to $0.77 and even $1.27 before the year is over.
Some even believe Cardano could soon reach $3.10, more than five times its current price.
Nonetheless, should the token dip below the 61.80% Fibonacci level, the $0.50 area may be a key psychological support barrier. Beyond the 50% Fibonacci level, $0.49 serves as the next safety layer.
Moreover, the Fibonacci retracement analysis, spanning the previous all-time high and recent lows, points to resistance zones at $1.87 (38.2% retracement), $3.00 (50% retracement), and $3.81 (61.8% retracement).
However, all the token’s projections could be nullified if the Cardano’s prices drop below $0.3
Some investors believe Cardano could be incorporated into the new US voting system
The token’s price has been fueled by speculation that Cardano could be integrated with the US government, forming a new blockchain-based voting system.
According to a former Oracle board member, Sean, Donald Trump and the incoming Department of Government Efficiency (DOGE) plan to establish new blockchain-driven voting and identity verification systems.
However, there have been growing speculative remarks that the new US voting system will incorporate Cardano and Hedera Hashgraph (HBAR). Both Cardano and Hedera have yet to confirm or deny the rumors.
However, Cardano’s investors have jumped on the wave brought on by speculative remarks, driving the token’s price rally.
