ADA Price Prediction: SEC Appeal on XRP Ruling Impacts Cardano Market Appetite
Cardano (ADA) dropped 1.88% on Friday due to ongoing SEC activity and Fed Chair Powell's hawkish stance, despite bullish updates from IOHK.
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Posted 8/26/2023, 5:02:00 AM
fxempire.com
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Cardano's NFT floor price index is currently 22% higher than Ethereum's, indicating growing interest in Cardano as a platform for NFT trading, despite Ethereum's dominance in terms of overall trading volume.
Renowned analyst Benjamin Cowen warns that Solana (SOL) may follow a similar price trajectory as Cardano (ADA), potentially experiencing a dip below $10 before rebounding and seeing substantial gains, although historical parallels do not guarantee identical outcomes.
Cardano's founder, Charles Hoskinson, clarifies that the U.S. SEC has not targeted Cardano's ADA token, but the uncertainty surrounding a potential delisting by Coinbase and the SEC's actions toward other platforms raises questions about the future of Cardano.
Cardano (ADA) is predicted to surpass Bitcoin and Ethereum to become the world's largest cryptocurrency, according to Charles Hoskinson, the CEO of IOG.
Cardano (ADA) may enter a "depression" phase, with its price potentially dipping significantly and reaching lower price levels, according to crypto analyst Benjamin Cowen.
Cardano (ADA) price shows signs of rebound as a spike in ADA staking could potentially spark a bullish momentum in the coming weeks, with holders staking $50 million in the last 5 days and aiming for gains before selling, while resistance at $0.28 could pose a challenge.
Cardano faces regulatory risk and stagnant user and transaction activity, hindering its progress towards reaching $1 and becoming a major player in the cryptocurrency market.