The cryptocurrency market is facing a significant price correction after a recent market upswing. Bitcoin (BTC) climbed to a new all-time high, breaching the $126,000 price level. However, the original crypto has faced a price dip, falling to the $123,000 level. Cardano (ADA) is also following the market-wide downtrend. According to CoinGecko data, ADA is down 3.5% in the last 24 hours, 0.6% in the last week, and 2.5% over the previous month. Despite the dip, ADA has maintained some gains in the 14-day and yearly charts, rallying 1% and 134.4%, respectively. In this price prediction article, let’s discuss how Cardano (ADA) may perform over the coming weeks.
Cardano Price Prediction: $1.34 Could Be In The Cards
There is a high chance that Cardano (ADA) will recover from its current price dip. October has historically been bullish for Bitcoin (BTC). A BTC rally could lead to a market-wide recovery.
Moreover, there is a high chance that the Federal Reserve will introduce another 25 basis point interest rate cut this month. Another interest rate cut could lead to a market-wide rally. Cardano (ADA) could break out into a rally if rates go down further.
Not only that, the SEC may decide on several crypto-based spot ETFs this month. A positive development in the ETF arena could also trigger a market-wide rally. Cardano’s price could benefit from such a development.
According to CoinCodex analysts, Cardano (ADA) will recover and experience a continued rally over the coming months. The platform anticipates ADA to breach the $1 mark once again on Oct. 31. Moreover, CoinCodex predicts ADA will hit $1.34 on Dec. 22 of this year. Hitting $1.34 from current price levels will translate to a rally of about 62.23%.
Also Read: Cardano Surpasses XRP To End the Week 6% Higher
However, the crypto market is subject to heavy volatility. Macroeconomic conditions and trade wars could present unforeseen challenges. Cardano’s (ADA) price could suffer under such circumstances.