Cardano (ADA) has had a rough few weeks. The asset is down 4.8% in the daily charts, 24.2% in the weekly charts, 27.7% in the 14-day charts, and 26.4% over the previous month. Despite the dip, the asset’s price has risen by nearly 50% since February 2024.
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Cardano’s Woes Continue
ADA’s latest correction follows a market-wide dip. The cryptocurrency market faced a major plunge over the last weekend. The dip came after the US imposed heavy tariffs on Canada and Mexico. The taxes are an attempt to combat trade deficits and illegal border crossings.
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The crypto market recovered slightly on Tuesday after the US said it would pause tariffs for 30 days. Despite a slight recovery, Cardano (ADA) continues to trade in the red zone.
Will The Asset Breach $1 Again?
According to CoinCodex, Cardano (ADA) will break into a rally over the next few weeks. The platform anticipates the asset to hit $1.11 on Feb. 28, 2025. Hitting $1.11 from current price levels will entail a rally of about 56%.
CoinCodex does not expect ADA’s price to hold above $1. The platform anticipates the asset to dip till mid-March before gaining traction in May.
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Macroeconomic factors could also hamper Cardano’s (ADA) performance. The Federal Reserve is yet to announce an interest rate cut. International trade wars may also present a challenge to the crypto market. If inflation in the US dips and the Fed announces a rate cut, ADA and other cryptocurrencies might rally.
How the asset performs over the next few months is yet to be seen.