Cardano (ADA) has faced a significant correction over the last few days, falling 7.3% in the weekly charts and 11.9% in the 14-day charts. However, the asset is still up 1.4% in the daily charts, 17.7% over the previous month, and 93.8% since March 2023.
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ADA’s latest correction could be due to Bitcoin (BTC) briefly falling below the $68k level. BTC, being the market leader, is currently the deciding factor for the movements of most assets. However, if we are to consider ADA’s historical data, we may be in for a price surge soon.
Will Cardano (ADA) breach the $1 mark soon?
According to crypto analyst Ali Charts, ADA’s current pattern resembles that observed from 2018 to 2021, just before the asset hit an all-time high. Ali says if this pattern continues, ADA could consolidate between $0.55 and $0.80 in the coming weeks. However, the analyst notes that the consolidation period will be followed by a surge to $1.70, rising by about 150% from current levels. Furthermore, Ali Charts says that a rally to $1.70 could set the stage for a breakout to $5. Reaching $5 from current levels would
Also Read: Cardano Forecasted To Hit $0.8: Analyst Shares Next ADA Targets.
Changelly, however, is not very bullish on Cardano (ADA). The platform anticipates the asset to reach a maximum price of $0.749 this year. Moreover, Changelly does not expect ADA to breach the $1 mark till at least May 2025, over a year from now. The $5 level, on the other hand, won’t be met till December 2028, according to Changelly.
Telegaon, however, is a little more bullish on ADA. The platform predicts a maximum price of $2.15 in 2024. Moreover, Telegaon anticipates ADA to breach the $5 mark by 2027.
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