Cardano has lately been attracting central attention. The token is yet to embrace the bullish wave of the market. According to CoinMarketCap, Cardano is trading at $0.44, down 2% in the last 24 hours.
The token has noted a 24% decline in its price since last month, triggering a wave of speculation among investors and prompting them to question ADA’s future price trajectory.
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Analyst Explains When ADA Will Enter Into A Bullish Realm
Cardano has been the victim of extreme scrutiny lately, stirring the crypto community up a notch. The token has long been trading at lower levels, unable to break past critical price barriers. The token’s slow price pace has been a cause of concern among investors, leading them to voice their opinions on various social media platforms.
To temper the growing concern among the community, notable crypto analyst Dan Gambardello took to X to share an update concerning Cardano. He shared how ADA’s slow price pace is primarily due to the token’s unique nature, emphasizing ADA’s striking decentralized element.
“Cardano has been on a unique road of becoming more decentralized while it feels like much of the crypto space is becoming increasingly centralized, just like traditional systems have always been. ADA price not performing the best right now may be frustrating to some, but I still think Cardano is one of the best players as a value investor, especially with the Voltaire era of decentralization now here.”
Gambardello later outlined a significant fact, stating that Cardano may take up to 8 months before it embraces the bullish momentum of the market.
“It took Ethereum and Cardano over 8 months to break an all-time high after the 2020 Bitcoin halving. It’s not even been one month since the 2024 Bitcoin halving. Patience.” Analyst shared.
When Will ADA Hit $3.10?
Per CoinCodex, ADA may gain some of its value by the end of May 2024 to trade at a modest $0.46 price level.
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“The price of Cardano is predicted to rise by 4.68% and reach $0.468944 by June 6, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 68 (greed). Cardano recorded 12/30 (40%) green days with 10.36% price volatility over the last 30 days.”
At the same time, the token is predicted to hit $1 by the end of 2024. Similarly, CoinCodex shares that ADA may reclaim its $3.10 price mark by the year 2030.
“The Cardano price prediction for 2030 is between $ 0.712489 on the lower end and $ 3.67. The price of Cardano could gain 730.54% and reach $3.67 if it reaches the upper price target.”