Cardano (ADA) could be gearing up for a rally – here’s why

TL;DR

Speculation about Gemini possibly including Cardano (ADA) has increased following a popular post from the exchange. Despite recent declines, analysts are predicting a substantial rally for the asset, with projections ranging as high as $10 based on past performance.

Is the ADA price rally coming?

Many industry participants have recently speculated that Cardano’s native token, ADA, could soon be listed on US cryptocurrency exchange Gemini. The rumors started circulating shortly after the company published a post on X praising the asset and referring to its merits.

Cardano $ADA is an open source protocol that democratizes the process of consensus and governance

It was built to be a scalable, interoperable and sustainable solution compared to other PoS blockchains ⤵️ https://t.co/njwgPI8CNh

— Gemini (@Gemini) May 11, 2024

The interaction sparked heated discussions and was a topic of increased interest. X user Dave noted that Gemini’s posts typically gather an average of 10,000 views. So far, the post about Cardano (ADA) has received almost 330,000 views, with many users urging the company to accept the token.

Official listing on a popular exchange like Gemini increases the visibility, accessibility, legitimacy and liquidity of the asset involved. These factors could attract more investors, while the potential flow of capital may lead to a rally in prices.

Launched in 2014, Gemini is among the leading cryptocurrency exchanges, with daily trading volume often exceeding $50 million. It offers users the opportunity to buy and sell various digital assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BTC), Dogecoin (DOGE), Shiba Inu (SHIB) and many more . .

Last summer, Gemini re-listed XRP on its platform after Ripple won its first partial victory before the US Securities and Exchange Commission. Earlier this year, it expanded support, introducing XRP perpetual contracts.

ADA Price Predictions

Cardano’s native token has been in the red for the past month, falling 13% and currently trading at roughly $0.44 (according to CoinGecko data). However, according to user X JAVON MARKS, it could soon reach a new all-time high of $7.80 (representing a 1,500% increase) if it reflected its performance from 2021 onwards.

Ali Martinez was even more bullish, envisioning a “parabolic” rise of up to $10. A few months later, he outlined a more modest prediction of $1.70.

If you’d like to explore additional ADA pricing forecasts, check out our dedicated video below:

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