Cardano (ADA) has entered a slump over the last few weeks. The asset is down by 4.4% in the daily charts,11.4% in the 14-day charts, and 17.6% over the previous month. Nonetheless, ADA has maintained its gains in the year chart, rallying 51.5% since April 2023.
Also Read: Cardano Bull Says ADA $1 Price Threshold Is Imminent: Here’s Why
However, despite the correction, ADA might be on the verge of breaking out.
Cardano (ADA) to hit $1.70?
According to prominent crypto analyst Ali Charts, Cardano (ADA) is “exactly where it should be.” The analyst says that the asset is consolidating between $0.55 and $0.80. Ali Charts adds that ADA could soon break out to $1.70. Reaching $1.70 from current levels would translate to a growth of about 193%.
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According to Changelly, Cardano (ADA) might not hit the $1 mark this year. The platform predicts ADA to hit a maximum price of $0.689 in 2024, which it may attain in June. According to Changelly, ADA could surpass the $1 mark in August 2025, and hit the $1.70 mark in July 2026.
CoinCodex anticipates Cardano’s (ADA) price to consolidate at current levels, reaching a maximum price of $0.62 this month.
Telegaon, on the other hand, predicts ADA to hit a maximum price of $2.15 in 2024. Reaching $2.15 from current levels would translate to a growth of about 270%. However, Telegaon does not clarify the month when ADA could reach this prediction.
There is also a possibility that the cryptocurrency market will enter another bull run later this month, fuelled by Bitcoin’s (BTC) halving. If the original cryptocurrency reclaims its all-time high, other altcoins like Cardano (ADA) may follow suit.