The cryptocurrency market is going through a slight correction. Bitcoin (BTC), the largest cryptocurrency by market cap, has dropped 0.9% in the daily charts. Cardano (ADA), on the other hand, has fallen 2.4% in the last 24 hours. Nonetheless, the ninth-largest cryptocurrency by market cap is still up by over 49% in the monthly charts and over 140% since January 2023.
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Cardano (ADA) price prediction for January 2024
According to Changelly, ADA’s price may drop to $0.57 by the end of the first week of January, a fall of about 6.5% from current levels. Nonetheless, the platform anticipates ADA to regain omentum by the end of the month, reaching $0.65 by the last week of January. The price rise would translate to a growth of about 6.5% from current levels.
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CoinCodex, on the other hand, expects Cardano (ADA) to continue trading at around $0.60-$0.61for the first week of January, before a slight correction. However, CoinCodex also anticipates ADA to rally towards the end of the month, reaching $0.67 on Jan. 18, 2023, a rise of about 9.8% from current levels.
ADA’s performance was lackluster for mostof 2023. However, the asset began to gain traction by the end of the year, specifically from October onwards. If we enter a bull market, fuelled by a spot BTC ETF (Exchange Traded Fund) and BTC’s halving event, Cardano’s (ADA) price may surge to new highs. The asset is currently down by over 80% from its all-time high of $3.09, which it attained in September 2021, over two years ago. ADA is also a developmentally heavy project, which could further strengthen its rally.