Cardano Price Prediction: When Will ADA Reach $1?

Cardano’s native token, ADA is moving at a snail’s pace in the indices, delivering little to no profits to investors. The cryptocurrency is down nearly 50% since last year and is among the least-performing assets this year. ADA is failing to attract bullish sentiments, and the bearish market sentiments are dragging the cryptocurrency further down.

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The last time ADA traded above the $1 mark was in January 2022, and it’s been dropping in price ever since. Now that ADA’s performance remains lackluster, can it attract bullish sentiment and rally for the rest of the year? In this article, we will highlight a price prediction for Cardano’s ADA and when it might reach the $1 mark.

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Leading on-chain metrics and price prediction firm CoinCodex has painted a rosy picture for Cardano’s ADA token. According to the price prediction, ADA might cross the $1 threshold in 2024, reaching a yearly high of $1.32. That’s an uptick and return on investment (ROI) of around 410% from its current price of $0.25.

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However, the price estimate states that ADA might not hold on for long above the $1 mark. The forecast stated that ADA would drop in price after crossing the $1 mark and trade below the $0.80 level. Therefore, ADA might not sustain above $1 and could be rejected once it climbs above the threshold.

However, there is no guarantee that ADA will cross $1 in 2024. The cryptocurrency markets are highly volatile and cut both ways, leading to severe losses. It is advised to do thorough research before taking an entry position in Cardano at the moment.

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At press time, Cardano’s native token was trading at $0.25 and was down 0.1% in the 24-hour day trade. It is also down close to 92% from its all-time high of $3.09, which it reached in September 2021.