Cardano (ADA) has been one of the standout cryptocurrencies this year, experiencing a substantial price increase of 137% since the beginning of the year. This significant growth has led investors and analysts to speculate about the altcoin’s future price trajectory. With such promising gains, many are wondering if ADA can continue to dominate the market.
Changelly, a prominent crypto exchange, has provided long-term predictions indicating a potential steady rise in ADA’s value. According to their forecast, ADA has the potential to surpass its previous all-time high and reach a remarkable price of over $7 by the end of the decade. This prediction is based on the observation that Cardano has had 17 positive trading days within the past 30 days.
Despite ADA currently trading at $0.5845, which is 81.19% lower than its all-time high of $3.09 in September 2021, Changelly’s technical indicators suggest that the market sentiment is now 82% bullish. This indicates a positive shift in ADA’s future trajectory. In fact, Changelly forecasts that ADA may reach $0.628404 by the end of this year, signaling continued growth.
Changelly’s bullish outlook extends beyond the immediate future. Their predictions suggest that ADA could exceed the $1 mark once again by December 2025 and even surpass its previous all-time high of $3.09 by October 2028. If these projections come to fruition and the trend of price appreciation continues, Cardano may end the decade priced around $7. Such an increase would represent an astonishing 1100% growth from its current value. Furthermore, this would push Cardano’s total market cap well above $300 billion.
Several factors contribute to the belief that Cardano can achieve such impressive milestones. Firstly, the rapid pace of development and adoption witnessed in the last quarter of 2023 indicates a positive trend that could be sustained. Additionally, CoinMarketCap’s Fear and Greed Index currently indicates an extreme greed of 80, which suggests a strong bullish run likely to occur in 2024.
Prominent crypto analyst Tyler Strejilevich highlighted that Cardano (ADA) is on the verge of a bullish weekly cross for the first time since June 2020. If history repeats itself, this could propel ADA to reach $35 from its current price, resulting in an extraordinary 6000% increase over the next 66 weeks.
However, crypto analyst Ali Martinez offered a word of caution, suggesting that a short-term pullback may occur before ADA resumes its uptrend. Sell signals have emerged on both the 3-day and 1-day ADA charts, indicating a potential correction of one to four candlesticks.
Cardano’s current price gains and positive market sentiment indicate a promising future for ADA. Changelly’s long-term forecasts paint a picture of continued growth, with the possibility of ADA surpassing its previous all-time high and reaching a staggering $7 price point by the end of the decade. Nevertheless, it is important to remain cautious and vigilant as short-term pullbacks may occur along the way. Only time will tell if Cardano can truly achieve these milestones and solidify its position as a leading cryptocurrency in the market.