After months of lacking momentum, Cardano (ADA) is finally expected to regain momentum. ADA is up nearly 10% in the past 14 days and over 45% in the past month. Furthermore, since January this year, ADA has increased by nearly 60%.
While the growth is commendable, it still lags behind Bitcoin (BTC)'s over 100% growth and Solana (SOL)'s over 400% growth over the same time frame.
However, famous crypto analyst “Ali Charts” took to X (formerly known as Twitter) and shared a bullish outlook for Cardano's ADA.
Cardano is forecast to increase by 90%, but when?
According to Ali Charts, ADA could reach a price of 0.75 USD by the end of this year, equivalent to a growth of about 90% compared to the current price.
However, there is a challenge for the bulls. Ali said that “ADA can only rise to $0.75 if it can exceed $0.45 by the first week of December.” Reaching $0.45 would mean ADA must increase 13.6% from current levels.
“Cardano's current consolidation trend eerily mirrors 2018-2020 without the COVID-19 crash,” Ali said.
According to PricePredictions' machine learning algorithm, ADA may not reach $0.45 by the first week of December. According to the platform, ADA will trade for around $0.39 by December 8, 2023.
Additionally, cryptocurrency data analytics company, CoinCodex, believes that ADA will probably not reach $0.45 by the first week of December. The platform predicts ADA will trade around $0.40 by the 7th. December 2023.
Changelly, a platform specializing in cryptocurrency price forecasting, also had a negative view on ADA in December.
“ADA will not reach $0.45 in December 2023. The price at which ADA fluctuates will be between $0.33 and $0.40 for most of December,” Changelly said.
According to IntoTheBlock , 48% of Cardano (ADA) holders are losing money, while 40% are making profits. The news site also shows that high-volume ADA transactions have decreased by 1.57%.
