The post Cardano’s (ADA) Price Forecast Gets a Boost from 1Fuel’s Market Strategy, Sizing Up 100x Gains appeared first on Coinpedia Fintech News
Cardano (ADA) is among the cryptocurrency projects making waves in the current market cycle, where several other assets are mostly bearish. The current Cardano price prediction from most analysts suggests that current fundamentals and the technical path would drive a strong rally, with a potential 10x gain.
At the same time, these analysts have also pointed out the possibility of another major rally, but this time with 1Fuel (OFT), the native token for a super-tech cryptocurrency wallet, which would benefit ADA. The fundamentals for 1Fuel remain impressive, with 209 million units of its token worth $2.17 million selling out as its listing on top exchanges draws closer.
Cardano Price Prediction: What Would Influence A 10x Boom
Analysts predict that a Cardano boom will be driven by a combination of strong fundamentals attached to the Layer 1 token and its movement on the technical front. Here’s a breakdown:
On the technical side, ADA is currently trading within an ascending triangle pattern, which forms when diagonal support and resistance converge. This pattern, which has formed on the 3-day chart, shows a potential for ADA to rally toward $1.78. From its current price point of $0.780, this represents a 123.44% gain.
At the time of writing, ADA is about to take its first move toward the predicted market rally, as it trades off the support level of the ascending channel and the support level marked by the Fibonacci retracement line of 0.618. If sufficient buy orders are retained at this level, ADA could establish its move upward.
On the fundamental side, Cardano is now a step closer to having the proposed ADA exchange-traded fund (ETF) approved in the U.S. An exchange-traded fund provides an opportunity for traditional investors to get into crypto. According to reports, the 19b-4 filing for the spot ADA ETF is set to receive potential approval as early as February 24.
Analysts believe the launch of 1Fuel’s cryptocurrency wallet will likely impact ADA’s forecasted 10x rally. However, 1Fuel itself is expected to attract significant market liquidity, reaching up to a $200 million market capitalization post-launch.
1Fuel closing in on a 100x rally as launch approaches
1Fuel is expected to see a major liquidity inflow, as predicted by analysts, driven by its unique technology. Analysts believe that through this technology, ADA would also benefit.
1Fuel’s standout feature is its cryptocurrency wallet, which hosts several innovations that set it apart. Its peer-to-peer exchange offers a new approach to token transactions, enabling frictionless transfers at minimal cost. Additionally, 1Fuel’s crypto virtual cards provide seamless online and physical payments.
1Fuel’s virtual and physical debit cards offer an easy way for crypto investors to spend their assets without first converting them to stablecoins or fiat. With this card, online and in-person payments that support crypto can be made in a simple step.
To top it all off, 1Fuel has a cryptocurrency staking feature that allows users to earn up to 30% on their assets. According to analysts, 1Fuel is building an ecosystem that caters to every investor and trader’s needs—from spending and earning to seamless transactions and low-cost payments.
These analysts believe 1Fuel will be well-received by the market, opening it up to global adoption. A select few assets, like ADA, will be among the first listed on the platform and will benefit from the rally.
Conclusion
Analysts predict that Cardano’s rally in this market phase will be influenced by external factors such as 1Fuel. Predictions like this typically dictate where the next major price rally will be, which, in this case, is with 1Fuel.
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