After being bounced from the top 10 cryptocurrencies and experiencing an underwhelming stretch, traders have begun to wonder about Cardano, and ADA’s $1 dream is all but out of reach for 2024. Although it has some positive developments taking place, its price has failed to reflect that.
There is still some hope in the asset’s recovery, however. Technical indicators may point to a breakout nearing. Moreover, analysts have held firm to the expectation that a major price reversal is impending, sooner rather than later, for ADA. The question is, can it still target a dollar price point this year?
Also Read: Cardano: ADA Price Prediction For September 2024
ADA Woes Have Cardano’s $1 Pathway in Jeopardy
It has certainly been a volatile year for cryptocurrencies. 2024 kicked off with overwhelmingly positive sentiments abounding in the market. Bitcoin became the first crypto to get an ETF, and set a landmark price of $73,000 just three months later. Thereafter, Ethereum followed suit, getting its own string of exchange trade funds.
Yet, those price surges have come back to earth. Although tokens like Tron (TRX) have faced meteoric rise the last several months, a host of coins have struggled. Among them is Cardano, who is watching its $1 hope in 2024 fade with its recent booting from the top 10 cryptocurrency list.
The asset has fallen more than 4% in the last 24 hours to trade at $0.37, according to CoinMarketCap. That continues a decline that has taken place over the last month. Specifically, ADA has dropped more than 10.6% in the last 30 days. However, all hope is certainly to lost.
Also Read: Cardano To Surge As High As $5, Here’s When
Although it has underperformed, the asset’s overheard timeline leaves room for a potential reversal. A recent market rally saw Cardano eclipse the 20-day exponential moving average. That could set the table for a 10% surge as it faces off against a channel pattern resistance.
From there, it could be set to see the end of an ongoing correction. That would prompt a 37% increase to $0.5 for the asset. Moreover, since the middle of July, addresses holding between 1 and 10 million ADA have accumulated, according to Santiiment.
Additionally, crypto analyst Max Maher also believes the crypto has a massive surge in store. Specifically, he notes that ADA was among the biggest earners from the 2021 price surge, reaching $3.10. Moreover, he noted that it could be bound to go on a rally 10X rally this year.