Can ADA Explode To $1 Bolstered By The Midnight Airdrop?

Can ADA Explode To $1 Bolstered By The Midnight Airdrop?

Cardano’s uptrend keeps investors coming back for more and with the airdrop from Midnight, ADA price could quickly close the gap to $1.

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The Cardano price prediction continues to align with the bullish cryptocurrency market in Q4 of this year. At first, investors turned to Bitcoin following growing optimism for a major rally backed by the potential approval of spot exchange-traded funds (ETFs).

However, investor attention has gradually shifted to the larger altcoins like ADA, Solana (SOL)Chainlink (LINK), Polygon (MATIC), and more.

All these altcoins are built on solid technologies with multiple use cases from smart contracts, staking in the decentralized finance (DeFi), price feed oracles, and layer 2 solutions to play-to-earn (P2E) and the metaverse.

Investors believe that these tokens have the potential to rally significantly having proved their worth in the previous bull run. For instance, in 2021 Cardano price rallied from $0.15 and achieved an all-time high of $3.09 following a lengthy bear market.

Since the bull run, the Cardano ecosystem has improved significantly, introducing smart contracts and releasing the Vasil upgrade, not to mention the fundamental growth with millions of new wallets, @bigpeyYT, a renowned Cardano enthusiast, highlighted on Twitter (now X).

Cardano Price Prediction: How Long Can Bulls Hold The Reins?

Cardano bulls are not ready to give sellers any chances, not after the long crypto winter since November 2021. They have held the reins from mid-October, pushing ADA price above all three bull market indicators, starting with the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple).

The subsequent trading above a falling multi-month trendline strengthened the bullish grip, which provided Cardano price with the momentum to rally, testing resistance at $0.37.

Cardano price prediction chart
Cardano price prediction chart | Tradingview

Instances of profiteering activities dampened the uptrend, forcing ADA to make a minor retreat to $0.33.

However, with interest in the token still growing, Cardano had regained the ground to $0.358 at the time of press on Wednesday.

Supporting the bullish thesis is the Moving Average Convergence Divergence (MACD) indicator, with a longstanding buy signal. The persistent green histograms above the neutral could keep investor interest high and build the momentum for another breakout to $0.5 and subsequently to $1.

Are Holders Buying ADA for the Midnight Airdrop

Podcaster and Cardano enthusiast, @bigpeyYT, believes Midnight “an innovative new blockchain empowering ground-breaking apps that safeguard sensitive commercial and personal data,” has the power to lead Cardano to mass adoption.

The Cardano bull was the first to reveal an airdrop from Midnight, which will reward holders with tokens for simply holding ADA. Although details of the airdrop are still scanty, @bigpeyYT said that two new tokens are set for release.

Holders will be required to stake their ADA to a pool running Midnight to earn the additional tokens, according to the latest post by @bigpeyYT on X. For more details, the community can listen to a podcast shared on his X page.

@bigpeyYT is a renowned ADA enthusiast who recently interviewed the network’s founder Charles Hopkinson and the Midnight CEO, Eran. He has also earned a following from Cardano blockchain developer Input Output Global (IOG).

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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