Cardano (ADA) started 2024 with a new limelight as top proponents of the protocol shared their projections of what this new year holds for the coin.
Cardano started the year on a relatively bullish note, but its price capitulated as investors took gains across the board. Currently, Cardano is priced at $0.6147, down by 2.23% in the past 24 hours. The market capitalization is also down and pegged at $21,730,514,822, while its trading volume comes in at $518,637,506, down by 3% in 24 hours.
Despite this outlook, Cardano is tipped to grow to new heights this year on the back of its technological advancement and community embrace.
Cardano Price: What are the Experts Saying?
According to crypto YouTuber and analyst LuckSide Crypto, there is a major buying event underway in the digital currency ecosystem owing to massive capital entering the industry. LuckSide is optimistic that some of these inflows will benefit Cardano just as it will favor other more established cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB), amongst others.
The potential capital inflow for ADA will undoubtedly benefit the coin in relation to price gains, especially at this time when the protocol’s correlation with Bitcoin is on the decline.
While the latest analysis from LuckSide Crypto comes with no specific price target for Cardano this year, other ADA bulls have shared their outlook for the coin prior to this time. One of these bulls is Dan Gambardello, the founder of Crypto Capital Venture, who projects an $11 price target for Cardano.
Gambardello’s projections lean on what impact the upcoming Bitcoin halving event will have on Cardano. This bullish prediction is also complemented by the $10 target projected by Ali Martinez.
As reported by The Crypto Basic, Google Bard also made a prediction about the price of Cardano in the wake of Bitcoin’s halving. Initially, the chatbot considered a target of $100,000 for Bitcoin after the halving. Based on this assumption, Google Bard predicts that Cardano’s price could potentially surge to a range between $2.5 and $5.
In another prediction, Prominent crypto analyst Jason Appleton anticipates that Cardano’s ADA will hit $32 in the upcoming bull market.
Not All Predictions Favor Cardano
Judging by Cardano’s performance in 2023, the chances of the token hitting the ambitious price targets appear daunting. This understanding has generally stirred skepticism in the hearts of some experts, including Chris O, who said ADA will likely be behind Dogecoin in the coming bull cycle.
For now, Input Output Global (IOG), the startup behind the Cardano blockchain, aims to focus on intense infrastructural building to create an enabling environment for all developers.
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