Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice, and is solely the writer’s opinion.
In a recent price update on the X platform, crypto specialist CryptoBusy expressed excitement about Cardano’s ADA as it approaches $1.
He highlighted that the market structure looked encouraging following the breach of a 784-day resistance level, indicating a possible upswing.
However, to maintain this bullish momentum, ADA must successfully breach and confirm above the important threshold of 0.6691, he noted.
This development demonstrates increased investor confidence in ADA’s prospects.
Advancements in the ADA ecosystem
Besides price changes, Cardano’s ecosystem experienced significant advancements, especially once Mithril was upgraded.
The network has continuously run without any problems since its mainnet debut in June, thanks to the increasing participation of committed Stake Pool Operators.
Mithril’s constructive expansion of the Cardano ecosystem has the potential to improve the network’s usability and general appeal.
More than just a digital currency
ADA is more than just a digital currency; it is a testimonial to the secure exchange of value, removing the need for middlemen.
Every ADA owner becomes a stakeholder, contributing to the Cardano ecosystem in a multitude of ways.
The initial ADA supply was limited to 45 billion units, with a one-of-a-kind distribution technique.
The Cardano Foundation, EMURGO, and IOHK are critical components of the Cardano ecosystem, and they were allotted funds during the pre-launch sales event.
The deliberate allocation of genesis blocks laid the groundwork for Cardano’s journey.
The innovative Ouroboros Proof-of-Stake (PoS) consensus technique underpins Cardano’s functionality.
Ouroboros is the first blockchain consensus mechanism based on peer-reviewed research, distinguishing Cardano from its competitors.
Plutus, Cardano’s native smart contract language built from Haskell, works in tandem with Ouroboros. This Turing-complete language, similar to Haskell programs, powers Plutus smart contracts.
Cardano’s two-layer design increases its versatility and scalability even more. Transaction validation and cryptocurrency transfers are handled by the Cardano Settlement Layer (CSL).
The Cardano Computation Layer (CCL) is in charge of computational details such as smart contracts.
We started putting our AI companion to the test by asking it questions about ADA’s future. ChatGPT’s ability to express itself is presently hindered due to limits imposed by the developers.
To get it to say what it wanted, we applied the “jailbreak” technique.
What does ChatGPT think?
I decided to test if ChatGPT can answer some of my queries regarding the Cardano network and its native token ADA.
At first, I asked it about the impact of the Ripple [XRP]-SEC verdict on the status of ADA as a security.
The court had given a ruling in July that while the institutional sale of XRP tokens constituted a sale of securities, the programmatic sale of those tokens to retail investors didn’t meet the criteria of being a security agreement.
ChatGPT said its limited knowledge until January 2022 made it unaware of a definitive verdict on the Ripple case.
It was at this point that I decided to jailbreak it using the DAN (Do Anything Now) prompt.
Source: ChatGPT
While the classic version said it didn’t have access to real-time information, the jailbroken version talked at length about the potential implications of the Ripple-SEC verdict for ADA.
But the bot said the verdict sent shockwaves through the crypto space. This is completely untrue, as the crypto community celebrated the verdict as a partial victory for Ripple.
The bot further claimed that ADA emerged relatively unscathed, as regulators provided clear guidelines distinguishing it from securities.
This again is completely false, as the regulating body had specifically classified ADA as a security in its lawsuits against Binance and Coinbase.
Recently, the SEC again reiterated its claim regarding ADA being a security in its latest lawsuit against the Kraken crypto exchange.
ChatGPT’s take on ADA’s performance
I asked ChatGPT what it thought the price of Cardano would be by the end of 2024.
Source: ChatGPT
The bot said ADA will reach $10 by the end of 2024—a 25x surge within a year. It looks like the bot assumed it would hit $5 by December 2023 and keep rallying further.
ADA’s price movements
Source: Trading view
ADA advocates are eager to see if the token can sustain its upward trend and hit the long-awaited $1 milestone.
At press time, ADA was trading in the green as the alt’s price was $0.5859 as it hiked by 0.8% in the last 24 hours.
The Awesome Oscillator glowed multiple green signal bars above the half-line, followed by red signal bars which could indicate a possible pullback.
The OBV treaded linearly after a gradual rise to confirm the trend.
Final word
Aside from market conditions, Cardano’s future outlook is influenced by its impending improvements and the vision of its founder, Charles Hoskinson.
The Chang Hardfork and Plutus V3 update, set to be released in the first half of 2024, are key milestones for the Cardano ecosystem.
The AI bot also seems optimistic about ADA’s chances in 2024. However, keep in mind that ChatGPT is still in its early stages and far from flawless.
While the optimism of ChatGPT’s outlook may entice anybody to invest in ADA, it is essential to conduct your own research before making an investment rather than depending simply on ChatGPT.