Cardano Price Prediction Ahead of Midnight Mainnet Launch

Cardano price hovered at $0.2659 on Thursday, showing a 4% increase in the last 24 hours. This surge follows a period of bullish recovery. As the Midnight Mainnet is approaching, it seems that Cardano is set to gain even more.

The overall crypto market has experienced a marginal 1% increase to a value of 2.31 trillion. Bitcoin price traded at nearly $67,500, while Ethereum stands at $1,980, and XRP hovers at $1.39. In case the bullish trend persists, an additional upsurge might be experienced in the short run.

Midnight Token Unveils Mainnet Launch Plan for End of March

Midnight is set to officially launch its mainnet by the end of March. This was announced in a live presentation by the founder, Charles Hoskinson at the Consensus event in Hong Kong. Midnight will be a partner chain of Cardano, and it would be privacy-by-default, with the option to share data with approved parties when needed.

On February 26, prior to the mainnet launch, Midnight will launch a new City Simulation. In this simulated environment, the blockchain will be tested regarding its capability to perform massive transactions and make proofs under the conditions typical of the real world. 

The token of Midnight increased by 2% and crossed over the mark of $0.050 on Thursday, indicating a slight bullish trend.

Strategic collaborations with such giants like Google and Telegram were also proven by Hoskinson to promote the platform. 

Furthermore, it is also planned to tie LayerZero, an institutional-oriented solution, to the Cardano blockchain to address the growing demand of traditional services moving on-chain. This is a major step toward the Midnight network.

Cardano ADA Sees Significant Growth in Derivatives Market

Cardano (ADA) has seen a notable surge in its derivatives market, with significant increases in both volume and open interest. 

The ADA derivatives trading has increased by 15% to a staggering amount of $817 million. This surge is an indication of increased attention to the performance of Cardano and its future.

The total number of outstanding derivative contracts is also increasing at an open interest of 3.90% at $427.06 million. This implies that the investors will have a stronger confidence in the asset, and more players will be holding positions in the market.

Cardano Price Prediction: Will ADA Recover Back to $0.30 Soon?

The latest ADA price surged to $0.2671, marking an impressive 1.67% increase over the last 24-hours. This upward trend follows a span of stable consolidation at the level of support at $0.25.

The RSI is at present 53. This level indicates that ADA is not in an overbought or oversold position and has more upside to go.

The immediate resistance lies at $0.27, a level that ADA has struggled to surpass over the past weeks. If Long-term ADA projection manages to break above $0.30, it could trigger a more substantial move toward the $0.35 level. 

In case ADA does not cross the $0.27 mark and remains rejected, the price can consolidate or revert. A decline below the support zone of $0.25 may indicate a bearish turnaround with an additional major support of about $0.22.