Cardano: Can ADA Reclaim $1 Before 2025 Starts?

Cardano (ADA) reclaimed the $1 mark in late November 2024 for the first time since April 2022. The asset displayed a healthy rally but has lost significant traction lately. ADA’s price is down 3.4% in the daily charts, 4.3% in the weekly charts, 21.4% in the 14-day charts, and 9.4% over the previous month. Despite the dip, ADA has maintained some gains in the yearly charts, rallying 45.2% since December 2023.

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Why Is The Crypto Market Down?

The crypto market has faced a significant correction over the last few days. Bitcoin (BTC) fell below $100,000, and other assets, like Cardano (ADA), followed its trajectory. BTC has hit multiple peaks this year. Despite the bullish outbreak, the original crypto seems to struggle to gain momentum.

BTC’s dip follows the announcement of a hawkish stance from the Federal Reserve after its latest FOMC meeting. Inflation in the US increased to 2.7%. The Fed announced that there will be only two interest rate cuts in 2025 instead of the anticipated three. The development may have spooked investors away from risky assets like ADA and other cryptocurrencies.

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According to CoinCodex, ADA’s price will consolidate around current levels for the rest of the year. The platform anticipates the asset to pick up momentum in early January, predicting it to hit $1 on Jan. 6, 2025. The platform also anticipates ADA to breach the $2 mark on Feb. 8, 2025.

Changelly also paints a similar picture for Cardano (ADA). The platform does not expect the asset to hit $1 before 2025 starts. Changelly anticipates ADA to trade at around current levels till the end of the year. The platform predicts ADA will breach the $1 mark on Jan. 21, 2025.

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