Cardano Price Prediction, will ADA’s price hit $0.24?

Cardano [ADA] is a fully open-sourced decentralized public blockchain that operates on a Proof-of-Stake consensus mechanism. It creates a platform for hosting Smart Contracts by developing advanced features to cater to the ever-dynamic nuances of various dApps.

In seeking to address the bottlenecks of its fellow layer 1 blockchains, Cardano has set its foot to transform the crypto space after its 2017 launch.

It is seemingly the first public blockchain platform to evolve out of scientific philosophy. Built on a foundation of high-assurance formal development methods, Cardano aims to achieve the scalability, interoperability, and sustainability needed for real-world applications.

The community/team has designed the smart-contracts platform to be desirable for large-scale, mission-critical dApps that could foster the future needs of the economy.

What’s ADA?

ADA is the native token of the Cardano Network. Simply put, it's a digital currency. It is a secure exchange of value, i.e. without requiring a third party to mediate the transfer. Herein, every transaction is permanently, securely, and transparently recorded on the Cardano blockchain.

Every ADA holder is considered to be a 'stakeholder' of the Cardano network. Its other use cases lie in staking the currency for a pool for a reward in return.

In the coming times, Cardano aims to expedite its infrastructural developments to boost the onboarding of various dApps and services on its platform. Here, ADA can be used to access such applications and services.

Did you know? ADA derived from the name of a 19th-century mathematician, Ada Lovelace. She is widely recognized as the first computer programmer and is the daughter of the poet Lord Byron.

How does Cardano function?

Cardano was invented by a team of global experts who are leaders in disciplines ranging from distributed systems to programming languages and game theory who work in tandem with IOHK and partners. 

IOHK develops the technology while the Cardano Foundation is responsible for supervising the development and promoting Cardano.

It's essential to bear in mind that the Cardano network is fully decentralized. It belongs to the community, and it will be them who decide its future via leveraging advanced governance features.
 

While tightly holding its spot in the top 10 cryptos by market cap, Cardano has maintained its edge vis-a-vis other Smart Contract platforms barring Ethereum. At the time of writing, the crypto stood at a market cap of nearly $15.5 Billion.

Should it continue to register an uptick in its developmental aspects, the gradual growth could bridge the gap between Cardano and Ethereum in the months to come.

Cardano saw a fairly poor 2022 in terms of its price action. Following the market-wide crumble, it had a remarkable diminution in its value with bears inflicting an over 70% decline on its chart.

While the bulls finally upheld the $0.43 level baseline, ADA was attempting to break beyond the bearish clutches of the $0.45-$0.47 resistance range.

Cardano's road to $1

Herein, we try to deconstruct the potential triggers that could catalyze Cardano's journey towards the $1 mark and beyond in the coming days/months. An improvement in the broader sentiment is well-needed for giving ADA the near-term push to reclaim its critical support levels.

• UNRAVELING IMPLICATIONS OF VASIL 

To comprehend the potential of the Vasil upgrade, an understanding of the previous upgrades would help us put things in perspective.

The latest Alonzo upgrade in September 2021 opened up fresh possibilities for dApps, DEXs, and DeFi solutions on the Cardano network. Also, with the previous upgrades (Shelley, Allegra, and Mary) building a solid foundation in the front of Smart Contracts development, it is time for Cardano to scale and optimize its network to enable the effective development of a range of new applications.
 

It is worthwhile to note that during all these forks, ADA registered exponential gains on its chart in the following days. Would history repeat itself? Let's see how this upgrade could unfold in the coming times.

The Vasil upgrade will enhance the network’s performance by increasing throughput, script efficiency, and reducing latency in block transmission.

Current progress

SPOs, developers, and exchanges are now on to final integration testing and upgrading before the hard fork combinator event.

There has been a considerable improvement in the three critical mass indicators that the community needs to enable the final upgrade on the Mainnet.

Furthermore, IOHK has released new TEST versions of the Daedalus wallet for the devs and SPOs as part of the 'final mile' toward the Vasil upgrade.

These developments put ADA in a relatively better position to nurture a bullish bias and ultimately open a pathway toward $1 by the last quarter of this year.

• ADA's LISTING ON ROBINHOOD

Over the last few days, ADA bulls have found solace, especially after witnessing multiple instances of positive news. One of them being, ADA's recent listing on Robinhood.

• CARDANO's FIRST MAINNET DEFI PROTOCOL 

What's more? The release of Aada Finance on Cardano's Mainnet has expanded the network's capabilities even in the DeFi space. 

After an audit of Aada's safety protocols, it received a green signal to finally launch on the Mainnet. Consequently, this development has established a solid foundation for a potential uptick in Cardano's TVL in the coming months.

Depending on the network's ability to accommodate DeFi transactions effectively, newer dApps could be tempted to launch on the Cardano blockchain.

Apart from these factors, the overall community sentiment and the social volumes stood on a positive note as well.