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Cardano (ADA) Price Prediction: Analysts Reveal When It Could Break Its ATH

Lately, Cardano (ADA) has been attracting considerable attention as the anticipation for the bull season intensifies. Interestingly, rather than the former trend of making headlines for unimpressive and negative reasons, the Cardano ecosystem seems to be doing better recently in drawing crypto enthusiasts’ interest with commendable achievements.

Consequently, ADA has become a recipient of bullish analyses and predictions by several market experts who now envisage the token in a new light. In one of the most recent ADA price analyses, a well-respected market watcher, Dan Gambardello, has highlighted three significant factors driving ADA towards $12.

Describing the factors, Gambardello noted, “All fuel to guide ADA into the new era of Voltaire and a community-run chain as charts prepare a parabolic bull market move.”

The subsequent part of this insight shall dwell on Gambardello’s highlighted three drivers catalyzing ADA towards $12, as highlighted by the market expert.

Cardano Foundation Has Partnered With Argentina

In a new development, Cardano has completed and confirmed the long-speculated partnership with the Argentine government following a public signing between Rafael Fraga, the Latin American (LATAM) Lead for Business Development at Cardano, and Rogelio Frigerio, an Argentine economist and politician, who doubles as the Entre Ríos Province’s Governor in Argentina.

Interestingly, the collaboration marks an important landmark in Cardano’s expansion quest, as it would open doors for more partnership deals with other countries in the American region and even beyond, spewing the possibilities of ADA’s global adoption happening rapidly.

Dubai Police Using Cardano Could Drive ADA Towards $12

Aside from its recent collaboration with the Argentine government, Cardano’s blockchain technology was adopted by the Dubai police force to enhance its criminal investigations in March 2024, marking another important milestone in the coin’s diversified and expanding adoption across several sectors.

According to reports, the Dubai police aim to use the Cardano blockchain to share probe data and other reports in a decentralized and secured network, underscoring a significant improvement in investigational procedures that other security agencies might want to adopt.

U.S. States Looking Into Cardano For Voting

With the United States presidential election heating up, speculations about Cardano’s blockchain potential crucial role in the electoral process, are emerging, a confirmation that the coin’s network was earmarked globally for its high-security standards.

Speaking about the topic, Frederik Gregaard, the Chief Executive Officer (CEO) at the Cardano Foundation, revealed around April 2024 that some states in the U.S. are considering blockchain-based voting and have reached out to the Cardano Foundation.

ADA Trajectory Towards $12 – Possibilities?

At the time of drafting this news article, Cardano’s price statistics on Coincodex revealed that the coin is changing hands at about $0.46, reflecting a 0.98% decline in the past 24 hours.

Despite displaying an abysmal bearish sentiment, ADA’s “Fear and Greed Index,”  which tracks investor attitude toward an asset, indicated extreme greed at 78.

Meanwhile, ADA’s risk assessment indices do not reflect good tidings for the embattled token; it has only outperformed 25% of the top 100 cryptocurrencies, excluding Bitcoin (BTC) and Ethereum (ETH), it is trading below its 200-day Simple Moving Average (SMA), printed only 13 green days from the previous month, and has a yearly inflation rate of about 5.53%.

While the above statistics do not depict a favorable future outcome for ADA, chances abound about ADA’s expansion prospect, validating the projected ADA’s trajectory towards $12.

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