Leading altcoin Cardano is currently hovering around the $0.29 price target and is up around 4% in the day’s trade. Cardano’s native token ADA dipped below the $1 mark during early 2022 after a stellar bull run the previous year. ADA failed to climb above the $1 mark since then and is mostly moving backward in the charts. It’s been close to two years now since the leading cryptocurrency is trading with Cents in the indices.
So when will Cardano’s ADA reach the $1 mark next? In this article, we will highlight a price prediction on when the altcoin might breach $1 again.
Cardano: When Will ADA Reach $1?
Leading on-chain metrics and price prediction firm CoinCodex has painted a bullish picture for Cardano’s ADA. According to the price forecast, ADA has a better chance of climbing above $1 in Q2 of 2024. The estimate claims that ADA might reach $1.1312 in April 2024, which is a rise of 300% from its current price.
Therefore, an investment of $1,000 could balloon to $4,000 in the next six months, according to the prediction. The estimate suggests that Cardano could turn bullish in April and September 2024 but turn bearish thereafter. It is predicted that the cryptocurrency might dip below the $1 mark again in 2025.
Therefore, investors holding ADA for the long term need to re-strategize their portfolio to make profits. Nonetheless, the cryptocurrency markets are highly volatile and could cut both ways delivering losses. There is no guarantee that ADA will breach the $1 mark in 2024. It is advised to do thorough research before taking an entry position into Cardano at the moment.
At press time, Cardano’s native token was trading at $0.29 and is up close to 4% in the 24-hour day trade. The altcoin is down nearly 91% from its all-time high of $3.09, which it reached in September 2021.