Despite a steep correction earlier in the week, Cardano has rebounded with a surge of as much as 14% as the crypto market has pondered if ADA may be back on track for $2 in 2025. The token has emerged as one of the biggest benefactors of the ongoing crypto bull rally.
ADA was among a host of cryptocurrencies that slid noticeably as we approached the midpoint of December. With big gainers like Ripple (XRP) and Tron (TRX) affected, most have gotten back on track this week, as Bitcoin has returned above the $101,000 mark.
Also Read: Cardano to $3? Here’s When it Could Potentially Happen
Cardano Rebounds After Market Dip: Is the $2 Dream Still Alive?
Since the start of November, the crypto market has been riding a monumental wave. Indeed, the reelection of Donald Trump has the industry expecting a massive shift as the first-ever pro-crypto president prepares to take office. The move pushed Bitcoin ahead of six figures for the first time in its history, inciting renewed hope for the asset class.
One of the tokens to benefit from the surge is Cardano. Although the asset coped with a stark correction earlier this week, it looks to be back on track. Indeed, it has increased as much as 14% Wednesday, and Cardano (ADA) looks like it may be back on track for a $2 target in 2025.
Also Read: Cardano Forecasted to Imitate 2020 Rally; So Just How High Can It Go?
Over the last 30 days, ADA is up more than 80%, according to CoinMarketCap. Yet, the last seven days have seen it down more than 9.4%, with the asset rebounding today to trade above the $1.08 level. Now, all eyes are on how December could prepare the asset for the coming year.
Cryptocurrency prediction platform CoinCodex notes that the asset is projected to reach a $1.16 high at the end of this month. Additionally, analysts note that this is preparing the asset to skyrocket above the $2 mark as early as February. However, they don’t expect this to be a flash in the pan. Instead, the platform predicts the asset to remain above the $2 mark for the next six months.
Things could only get even better from that point. Analysis has shared the expectation for Cardano to challenge the $4 mark in August, reaching its yearly high. Thereafter, it would retreat down to end the year at the $2.49 mark.