Yes, we’ve been in a bear market for almost 18 months and it’s annoying. But you know what else happened? People are constantly taking positions in their favorite crypto projects. One of the projects with the most loyal fans is Cardano. If you’re a fan, then how much ADA do you need to become a millionaire? Crypto expert Stu L is looking for the answer.
Let’s look at the historical performance of Cardano (ADA)
Before we get to the exact ADA number you need to become a millionaire, we need to understand where Cardano can go from here. So first of all, we need to understand where it is. Most of us are not whales with hundreds of thousands of ADAs. So that means we need to see a big price move to become a Cardano millionaire. But it can happen. Today, Cardano is project number 7 with a market value of $14.1 billion. The total ADA supply is 45 billion, with a little more than 35 billion currently in circulation.
ADA’s all-time high was $3.09 in September 2021, just before the bear market started. Its all-time low was 1.9 cents in 2020. I’m sure those days are long gone. So, the low of the bear market was 24.4 cents on December 29. Since then, we’ve reached our 2023 price of 38 cents, up just over 50%.
Cryptocurrency has unique features
One of the least extravagant projects. DJED stablecoins are definitely getting some excitement. It was the first project that people outside the Cardano community discussed in months. In fact, one of the criticisms leveled at Cardano is that although they have great projects, they are not overrated enough.
The community is also made up of super-engaged and rabid fans. Almost 70% of all ADA in circulation is locked into staking. This is one of the highest percentages in crypto. Part of the non-hype is that Cardano is a community of projects and builders. All they care about is making the project work and practical for their users. Every ecosystem should be this way, but unfortunately most are not. But Cardano certainly is.
What do the ADA charts say?
The Cardano evaluation from our Technical Analysis team is as follows. ADA is trading just below the $0.419 resistance level and a retracement towards $0.346 is likely to be rejected at this level. However, if it breaks this resistance and manages to stay above this resistance level for a few days, we could start to see a reversal from Resistance to Support and a move towards $0.521 and $0.751 is possible. A break of $0.751 could open up a move towards $0.975, $1,252, $1,625 and $1,972. Failure to break $0.419 could lead to a decline towards $0.346 and $0.298. As you can see, in the short term, if we go from here to the highest move on this chart, $1.97, there is a chance to quadruple. This is a short term forecast.
What will happen to cryptocurrencies in the long run?
The all-time high is $3.09. This was just before the bear market started in September 2021. Do you think the ADA can overcome this? To the extent that they add new projects, yes. Hence, we have resistances near $1.97 in the short term and long-term resistance at $3.09, the all-time high. Both of these would be nice 4x and 7x wins from here.
How much ADA should we collect to get $1 million?
The bull arguments are based on the following.
- High stake rate.
- Community dedication.
- Builder mentality.
- And strong performance that jumped 50% from bear market low.
So how much ADA does it really take to become a Cardano millionaire? If it rises above the all-time high of $3.09, that would mean around 330,000 ADA for $1 million. And if it doubles from there to $6, then that’s 167,000 ADA you need.
But Cardano could go higher than that, especially in the bull market and as some of the better ecosystem projects like Indigo and COTI mature. $8-10 is very possible in the next bull cycle. Let’s calculate now. That means you need 100,000-125,000 ADA to earn yourself $1 million. And in a major bull cycle this can happen.
The opinions and recommendations in the article belong to the analyst and are not investment advice. cryptocoin.com We strongly recommend that you do your own research before investing.
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