Despite Cardano’s stellar ecosystem development and progression, the price of ADA seems to have gradually accelerated throughout the current bull season. Recently, Toncoin flipped Cardano regarding market cap, raising qualms about ADA’s future price trajectory and momentum.
Several crypto analysts are now debating Cardano’s sluggish price pace. Despite the token’s snail-like price pace, analysts are forecasting a notable price spike for ADA and positive price ascension news for the token to be available very soon.
Also Read: 3 Reasons Why Cardano (ADA) Is Bound For A Future Breakthrough
Cardano: When Will Its Price Recover?
Cardano’s slow price ascent is now gnawing at the ADA community. The token has long been trading at $0.40–$0.50 price levels, unable to break past barriers holding its price down. However, a recent analysis brought forth by Alexander Legolas tells a different story. Per the analyst, ADA season has yet to portray its full colors with an impeccable impact.
Taking it up on X, Legolas shared a compelling insight, adding that ADA has historically shown improvement whenever the Bitcoin dominance metrics level down a notch.
“How do I know this? Historically, ADA has performed best when Bitcoin dominance drops.” The analyst shared.
Legolas later explained the phenomenon in detail, adding that the current Bitcoin chart shows its dominance going down, hovering at metrics mimicking the trend line of November 2021.
“BITCOIN Dominance is rejecting the multi-year trend line dating back to November 2016. As you can see in every cycle, bitcoin is rejected right here. Alongside that, the chart is also showing BTC’s RSI noting a sharp curve down, with its MACD metric portraying a bearish cross down. At the same time this rejection is taking place, look at the indicators: RSI has a sharp curve down, ready to head to the downside. Stochastic RSI has crossed down as well; the blue line over the orange line is BEARISH. MACD has topped out and is converging to head into a bearish crossdown.”
The phenomenon, as Legolas shared, is capable of ushering in the peak altcoin cycle, a bullish phase that holistically favors the altcoin rally.
“Get ready; in the next few weeks, ADA and Altcoins will RALLY HARD INTO OUR FIRST ALTSEASON this cycle.”
Leveraging the upcoming Altcoin peak, Cardano can also gain significant price momentum, given its stellar ecosystem developments and progression as of late.
Cardano June Forecast
According to Coinpedia, Cardano will continue to gain modest price upticks throughout June. ADA is predicted to spike and trade at its highest level of $0.55 by the end of June. The token can maintain an average price of $0.45, which is yet again a low price threshold for the token to trade on.
“However, the lower price rejection near the $0.46 support increases the chances this June. Further, the broader market recovery will increase the trend momentum in the ADA price for a bull run. A downfall below $0.40 could plunge the altcoin price to $0.35. Optimistically, a bullish reversal from the support trendline could boost the ADA price above $0.50 to hit $0.55.”
Also Read: TON Flips ADA In A New Crypto Race: Can Toncoin Reach $10 This June?
For the year 2024, the platform predicts a bullish projection. Coinpedia shared that Cardano can ace and scale past $2 by the end of 2024 while maintaining an average price level of $1.6 later this year.
“Therefore, with a bull run in 2024, Cardano prices are expected to create a new swing high of $2.02. With an average of $1.695, the ADA prices could settle down to $1.37 by the end of 2024 due to exhaustion.”