Leading cryptocurrency Cardano’s native token ADA is currently trading around the $0.44 mark on Wednesday. ADA mostly remains on the back foot this month as it shed nearly 13% in the last 14 days. The altcoin also shed close to 25% of its value since a month making investors nervous about its prospects.
Now that Cardano’s ADA is bearish, can the tides turn leading to favorable conditions for the cryptocurrency? In this article, we will highlight how high or low the leading altcoin could trade by the end of May 2024.
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Cardano: ADA Price Prediction For May 31
Leading on-chain metrics and price prediction firm CoinCodex has painted a neutral picture for Cardano’s ADA. According to the forecast, the cryptocurrency could spike by a maximum of $0.46 by the end of the month on May 31, 2024. That’s an uptick and return on investment (ROI) of approximately 5% from its current price level of $0.44.
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Therefore, an investment of $1,000 could turn into $1,050 if the prediction turns out to be accurate. Nonetheless, the returns are meager and the trading platforms would cut their fees leading to lesser profits for investors. It is advised to remain cautious before trading in Cardano’s cryptocurrency ADA this month as it is attracting bearish sentiments.
The 24-hour trading volume for ADA is also declining with only $300 million in the last 24 hours. Investors are mostly staying away from Cardano as it failed to rally hard even during the days leading up to the Bitcoin halving event. The cryptocurrency market experienced a bull run at the time of the Bitcoin halving making altcoins touch new highs.
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Only Cardano’s ADA and Ripple’s XRP failed to catch up with the rally and spiked by a meager 5% to 10% and shed the gains a week later. Investors now see gains in other cryptocurrencies than ADA and XRP.