Cardano (ADA) Could Hit $1; Here’s The Timeline

Vignesh Karunanidhi
Cardano (ADA) Could Hit $1; Here's The Timeline
Source: CoinDCX

Despite trading at a major discount below $1 since April 2022, analysts remain optimistic that Cardano (ADA) could touch the $1 level this year. This is given its ability to hit an all-time high above $3.1 previously.

Cardano is trading hands at $0.576, up 3.07% in the last 24 hours. Its market capitalization stands at $20.4 billion. Amid the coin’s struggle to break above the $1 resistance point, debate has grown around the potential timeline for ADA to revisit this milestone.

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Analysts begin a discussion about Cardano’s $1 journey

Top Cardano bull Dan Gambardello, founder of Crypto Capital Venture, recently triggered discussion by arguing ADA will likely not hit $1 before Bitcoin’s next halving event in April 2024. His comments come as speculation mounts around when the altcoin will catch up to Bitcoin’s rally above $52,000.

Some have pointed to Cardano’s relatively lower market cap as a sign it should be surging higher alongside Bitcoin. The stunted growth and projections from AI systems like ChatGPT and Google Bard have led enthusiasts to believe ADA could see significant gains soon.

When asked what Cardano’s price could reach post-Bitcoin’s halving, Google Bard gave an optimistic target of $1.15–$3, a moderate estimate of $0.75–$1.25, and a conservative range of $0.50–$0.75.

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So while ADA has lagged the market over the last year, falling from its all-time high, analysts remain hopeful it can reclaim the $1 level during the current crypto recovery.

The continued correlation with Bitcoin’s price trends means Cardano is likely to see a significant upside if the rally in the latter continues.