One of the powerful assets of the altcoin world Cardano It is currently hovering around the $0.29 price target. On the other hand, it continues to maintain its optimistic outlook with an increase of approximately 4% in daily transactions. Native token ADA fell below $1 in early 2022 after a spectacular bull run the previous year. The altcoin has since failed to rise above the $1 level and has mostly shown a decline on the charts. The price has failed to clearly hold the much-anticipated $1 level for almost two years. So, is it possible to stop this bad trend in the near future?
Using on-chain metrics, price prediction firm CoinCodex predicts a bullish scenario for Cardano’s native token, ADA. According to the price forecast, ADA has a chance to rise above $1 in the 2nd quarter of 2024. The forecast claims that ADA could reach $1.1312 in April 2024, which would represent a 300% increase from its current price.
Therefore, an investment of $1,000 has the potential to rise to $4,000 in the next six months, according to the forecast. The forecast suggests that Cardano may rise in April and September 2024, but then decline. cryptocurrency It is estimated that the unit may fall below 1 dollar again in 2025.
Therefore, it is important for investors holding ADA for the long term to re-strategize their portfolios to generate profits. However, cryptocurrency markets are highly volatile and can lead to losses in both directions. There is no guarantee that Cardano will exceed the $1 level in 2024. It is currently advisable to conduct thorough research before taking an entry position into the asset.
As Koinfinans.com reported, Cardano’s native token was trading at $0.29 and showed an increase of close to 4% in 24-hour daily trading volume. The altcoin is down nearly 91% from its all-time high of $3.09 reached in September 2021.