The prominent alternative cryptocurrency Cardano is currently trading at approximately $0.29 and has seen a 4% increase in today’s trading session. Cardano’s native token, ADA, experienced a drop below the $1 threshold in early 2022, following a remarkable bull run in the preceding year. Since then, ADA has been unable to surpass the $1 mark and has predominantly displayed a bearish trend on the charts. It has now been nearly two years since this major cryptocurrency has been trading in the sub-dollar range.
The question that arises is when Cardano’s ADA will once again achieve the $1 milestone. This article aims to provide a price prediction regarding when this altcoin might break through the $1 barrier once more.
Cardano’s ADA Ascent to $1: Timing the Rise
Prominent data analytics and price projection company CoinCodex has presented an optimistic outlook for Cardano’s ADA. According to their price forecast, ADA has a more favorable probability of surpassing the $1 mark in the second quarter of 2024. The projection suggests that by April 2024, ADA might achieve a value of $1.1312, marking a substantial increase of 300% from its current price. As a result, an initial investment of $1,000 could potentially grow to $4,000 within the next half-year, as per the forecast.
The estimate also indicates that Cardano could experience a bullish phase in both April and September of 2024, followed by a bearish trend thereafter. There is a prediction that the cryptocurrency might fall below the $1 threshold once more in 2025. Consequently, investors with long-term ADA holdings may need to reconsider their portfolio strategies to maximize their returns. However, it’s essential to recognize that the cryptocurrency markets are highly volatile and can swing in either direction, potentially resulting in losses. It’s important to conduct thorough research before making any entry decisions regarding Cardano at this point.
At the time of reporting, Cardano’s native token was trading at $0.29, with a nearly 4% increase in the past 24 hours. Notably, the altcoin has undergone a significant decline of almost 91% from its all-time high of $3.09, which it attained in September 2021.