Cardano (ADA) has outperformed the top 10 crypto projects by market cap in the daily charts, rallying 2.1% in the last 24 hours. The asset is up by 9% in the weekly charts, 6.8% in the 14-day charts, and nearly 49% since September 2023. Despite the rally over the previous month, ADA is still down by 5.4%.
Source: CoinGecko
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Why Is Cardano Rallying?
Source – Capital.com
Recently, Helix Labs raised $2 million in funding to scale ADA’s DeFi integration. According to the proposed protocol, ADA holders can stake their coins while maintaining the ability to use them in other financial applications. This positive development may have increased investor sentiment.
The Helix Labs’ funding is not the only bullish development for ADA. A Bitcoin developer named Elraulito has created a seamless bridge between Bitcoin and Cardano applications.
Both developments may have contributed to ADA’s current rally.
Will The Asset Hit $0.50 This Week?
According to CoinCodex data, Cardano (ADA) will dip to $0.33 on Sunday, Sept. 29, 2024. Reaching $0.33 from current price levels will translate to a dip of about 8.33%. The platform anticipates ADA gaining momentum in October, predicting the asset will hit $0.38 by Oct. 7, 2024.
Source: CoinCodex
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Changelly analysts are even more bearish on Cardano (ADA). The platform predicts ADA’s price to drop to $0.32 on Sunday, Sept. 29, 2024.
Source: Changelly
When Will ADA Hit $0.50?
ADA is one of the most developmentally active crypto projects. Although the asset’s price has struggled to gain momentum over the last few years, the ADA network continues to innovate, making it a strong contender for future growth.
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ADA needs to rally nearly 39% to reach $0.50 from current price levels. Changelly analysts anticipate ADA hitting $0.50 in August 2025, about a year from now.
Source: Changelly