Crypto analysts are not on the same page regarding their opinion about the future performance of one of the leading cryptocurrencies, Cardano (ADA). The 11th top cryptocurrency on CoinMarketCap.com for market cap has been witnessing mixed trends off-late due to negative sentiments in the crypto market, and analysts are making all kinds of Cardano price projections.
In fact, the whole crypto industry has been facing turbulent times in the last few months but the analysts are upbeat on the future course of action for leading altcoins, including Cardano, Solana, Ethereum, and Polkadot. After staying bearish for the best part of this year, Cardano has finally made peace with bulls in the past few weeks.
A Year to Forget for Cardano
After starting the Year 2024 at $0.2471, Cardano showed signs of resilience in the first quarter where it touched this year’s highest point of $0.7742 on March 12, 2024. Only when it looked like leading an altcoin rally, negative market sentiments clipped its wings, sending it below $0.50 on April 14, 2024.
As a matter of fact, going below the $0.50 threshold proved to be lethal for Cardano because it struggled to trade above this level afterwards. ADA managed to reclaim $0.50 in May 2024, but for a brief period. It was seen trading at $0.5017 on May 21, 2024. Since then, it has been a distant dream for Cardano to trade above $0.50 level. The best it could achieve since then was $0.4461 on July 22, 2024.
Cardano Shows Signs of Resilience
Despite a forgetful year, Cardano has started to show signs of resilience off-late. At 03:00 AM EST on October 16, 2024, Cardano (ADA) was seen trading at $0.3519, 39.46% higher when compared to the start of the Year 2024. Similarly, it was 4.60% higher as against $0.3368 recorded on October 1, 2024. In the last week, Cardano increased by 2.29% from $0.344 on October 10, 2024.
On the other hand, Cardano recorded bearish trends in the last 24 hours, receding from $0.3588 to $0.3519, showing a 2.03% decline. Similarly, Cardano’s market capitalisation has also lost $2 billion to $12.31 billion. Despite the latest price pressures, the Cardano community stays bullish on ADA’s near-term price potential.
Crypto Analysts Divided on Cardano’s Future Course of Action
Despite of Cardano’s recent price appreciation and crypto community’s positive stance over its future price movement, crypto analysts don’t seem to agree with the perception.
According to media reports, many analysts observed that Cardano has failed to break above the psychological barrier of $0.40 recently, which might invite a selloff. They are of the view that Cardano’s current price movement depicts a false bottom, which means the bearish cycle looks far from over. They predicted ADA price to fall as low as $0.2367, around 30% decrease from current levels.
On the flip side, another group of crypto analysts believe Cardano offers a stable blockchain ecosystem that is ripe to welcome bulls in the near future. Their theory is also based on the traditional October bullish sentiments. They believe the crypto market is on the brink of an Uptober rally, which is likely to elevate many altcoins, including Cardano.
They went on to say that Cardano’s current price is still on the lower side, which offers investors an amazing entry point ahead of the likely October rally. They added that this could also be a perfect buying opportunity for crypto whales.
The Final Word
Crypto analysts are at crossroads when it comes to observing ADA price trends. While some predict Cardano to fall as low as to $0.2367 in the coming days, there are many others that project ADA to break free from current levels to rebound above $0.40 in the short-term.
Although crypto analysts are on a disagreement about what future might hold for Cardano, crypto community looks all bullish, connecting the recent momentum with the likely Uptober rally.
Amid all the discussion and speculation, Cardano seems to have found a direction in the last month or so, surging by 4.60% from $0.3358 to $0.3519 on October 16, 2024. As the month of October enters the second half, Cardano looks all ripe to benefit from the October rally.
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