Cardano’s native token ADA entered 2024 on the back foot as it dipped nearly 10% in the seven days. ADA remains in the red for two consecutive days after reports came out that the SEC might not approve the Bitcoin ETF. Bitcoin fell from $45,000 to $43,000 the same day but found resistance in the charts after the news was unconfirmed.
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There are probability that the SEC might approve the Bitcoin ETF leading the cryptocurrency markets to rally. However, we will have to wait and watch for an official confirmation from the SEC about the Spot Bitcoin ETF development.
Coming back to Cardano, we will highlight a price prediction in this article on how high ADA could reach in 2024.
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Cardano: ADA Price Prediction For 2024
Leading on-chain metrics and price prediction firm Changelly has painted a neutral picture for Cardano’s ADA in 2024. According to the price prediction, Cardano’s ADA might reach a high of $0.63 during Q2 of 2024. The forecast suggests that Cardano’s ADA might hit $0.63 sometime in May 2024.
That’s an uptick and return on investment (ROI) of approximately 12% from its current price of $0.55. Therefore, an investment of $10,000 could turn into $11,200 if the price prediction turns out to be accurate.
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Nonetheless, the cryptocurrency markets are highly volatile and there is no guarantee that Cardano’s ADA could reach $0.63 soon. The cryptocurrency market cuts both ways delivering severe losses to investors and it is advised to lose only what you can afford. It is advised to do thorough research before taking an entry position into Cardano’s native token ADA at the moment.
At press time, Cardano was trading at $0.55 and is down close to 1.5% in the 24-hours day trade. ADA is also down nearly 83% from its all-time high of $3.09, which it reached in September 2021.