Can Cardano (ADA) reach $0.50 before the end of August? (ChatGPT Analytics)

TL;DR

Cardano’s ADA is up 33% since the August 5 plunge, with potential for further growth depending on broader market trends and other factors. An upcoming hard fork of Cardano focused on decentralization and community-driven governance could also increase the price of ADA. Is there a chance?

Cardano’s ADA has seen a substantial resurgence of late, with its price up around 10% on a two-week scale. It is currently trading around $0.36 (according to CoinGecko data), which represents a 33% increase from the local fund recorded during the crypto market crash on August 5th.

We decided to ask ChatGPT if ADA’s uptrend can continue in the near future and if its price can reach the psychological level of $0.50 before the end of the month.

The AI-powered chatbot estimated that numerous factors may be driving this price increase, with the broader performance of the crypto market being one of the main ones.

“The overall performance of the cryptocurrency industry, including Bitcoin movements, greatly influences the price of ADA. If the market sees an uptrend, ADA could follow,” ChatGPT predicted.

The digital asset sector saw a clear rise since the aforementioned collapse earlier this month, with its global market capitalization rising well above $2.2 trillion. In comparison, that number fell below $2 trillion three weeks ago, while Bitcoin (BTC) briefly dipped below $50,000.

Other elements that ChatGPT described as bullish for ADA’s possible uptrend in the coming days include positive regulatory news, investor sentiment and macroeconomic conditions.

The most important factor?

Cardano’s Chang Hard Fork, scheduled for the mainnet on August 27, could also contribute to a bull run for ADA.

The update is part of the Voltaire era, which focuses on complete decentralization. The Chang Hard Fork is linked to a transition towards community-driven governance within the ecosystem, improved security and improved transparency.

The next development seems to have already started making waves in the crypto space. Earlier this week, market intelligence platform Santiment estimated that ADA weighted sentiment (a metric that takes social volume into account) reached its peak by 2024.

This comes despite the fact that the price of the token has fallen by more than 50% on a five-month scale. Additionally, only 21% of ADA holders are currently sitting on some paper benefits, while nearly 75% are underwater.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!