Top analysts in the crypto ecosystem are bullish on Cardano (ADA), with price projections for 2024 pegged at an average of $10.
Over the past month, Cardano (ADA) has displayed an impressive outlook in its price, showcasing the inherent potential it has.
Per data from CoinMarketCap, Cardano changes hands at $0.5578. Though it is down by 6.6% in the past 24 hours, it maintains a marginal growth of 0.88% over the last 7 days and by 54.96% in the past month.
Judging by its outlook and developmental prowess, market analysts are optimistic ADA will surpass its previous All-Time High (ATH) in 2024.
Cardano Price: Analysts’ Take
Taking a closer look at Cardano’s price history shows that at its current price, it is about 455.75% away from its ATH of $3.10.
While ADA was also caught up in the crypto winter of the past year, printing a 126% surge Year-to-Date (YTD) is proof that it can indeed pull off impressive figures irrespective of market dynamics.
Cardano proponent and founder of Crypto Capital Venture, Dan Gambardello shares this sentiment, projecting that Cardano could soar as high as $11 in 2024.
While Gambardello is bullish on the capabilities and motivation driving Cardano developers, he is optimistic that the protocol will benefit from the upcoming Bitcoin Halving event.
To complement this forecast from Gambardello, top market analyst Ali Martinez projected a $10 price target for ADA by the summer of 2024. Other analysts also have a bullish projection for the asset with Tyler Strejilevich noting the possibility of history repeating itself and ADA climbing up to 6,000% in the future.
Cardano Magic Moments
Cardano’s significant price revival for this year started in mid-October when the price of the coin soared from $0.2435 to a high of $0.6778 on December 14.
Along with this impressive price jump is the shift in Cardano’s profitability. At the moment, about 54.28% of addresses (1.92 million) on Cardano are “In the Money.” This figure was considerably lower months back, underscoring the resilience of ADA to regain lost momentum.
Cardano has also maintained its magical stance for the release of new Decentralized Applications (DApps). One of these releases as reported by The Crypto Basic, is the AI protocol, Girolamo.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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