Cardano (ADA) is undergoing significant developments that could potentially drive its price higher in the coming months.
With major upgrades like the launch of Cardano node v9.0 and the highly anticipated Chang Hard Fork, investors and market participants are closely watching ADA’s performance.
Finbold has leveraged ChatGPT-4o, OpenAI’s advanced and recent AI chatbot model, to offer insights into how ADA is likely to trade by the end of July, considering the key factors influencing ADA’s future price trajectory.
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Factors influencing ADA’s price
ChatGPT-4o highlighted several factors likely to impact ADA’s price. The launch of Cardano node v9.0 marks the completion of primary development for on-chain governance, introducing important features like Plutus v1 reference scripts and CIP-69 support.
These enhancements boost network functionality and security, attracting more developers and users.
Additionally, the Chang Hard Fork, a major upgrade aimed at implementing decentralized governance, is expected to significantly enhance Cardano’s capabilities.
Historical trends show substantial price increases around major upgrades, creating a bullish sentiment. Significant increases in active and new addresses indicate rising adoption and usage, reflecting a healthy and expanding ecosystem.
Moreover, the number of large holders (those holding 10 million to 100 million ADA) has increased, reflecting growing confidence among significant investors according to sources.
Cardano funds have received substantial investments, indicating strong market confidence and driving up demand. Positive updates from Charles Hoskinson and progress towards the Chang Hard Fork have further strengthened investor confidence, a powerful driver in cryptocurrency markets.
ChatGPT-4o ADA price prediction
Based on the successful launch of Cardano node v9.0, the upcoming Chang Hard Fork, significant network growth, substantial capital inflows, and strong investor confidence, ADA’s price is predicted to range between $0.60 to $0.85 by July 31, 2024.
ChatGPT-4o Cardano price prediction. Source: ChatGPT/Finbold
In an optimistic scenario, where the Chang Hard Fork is seamlessly implemented, and market interest remains high, the price could reach $0.75 to $0.85.
In a moderate scenario, with successful upgrades but tempered market conditions, ADA could see a price of $0.65 to $0.75.
In a conservative scenario, accounting for potential delays or external market factors, the price is likely to be around $0.60 to $0.65.
ADA price analysis
Currently, ADA is priced at $0.38, with a 3% increase in the past 24 hours.
With strong network growth, increasing adoption, and positive market sentiment, ADA’s price is predicted to rise significantly, potentially reaching between $0.60 to $0.85.
This range reflects the various scenarios of how smoothly these developments are adopted and the overall market conditions, highlighting a solid outlook for ADA in the near future.
For investors and traders, keeping an eye on these key developments and market responses will be crucial in making informed decisions regarding ADA investments.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
