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Top Cardano (ADA) Price Forecasts: Further Decline or a Rise to a New ATH?
The cryptocurrency market has been in the midst of turmoil as of late, with Bitcoin’s price plummeting by around 9% over a 48-hour period and numerous altcoins suffering even more substantial declines. One such asset is Cardano (ADA), which has seen its valuation dump by 20% since January 7th. As it currently trades at approximately $0.91 per coin, according to CoinGecko’s data, its market capitalization has fallen below the $35 billion mark.
Despite this gloomy outlook, one analyst remains optimistic about ADA’s potential. Dan Gambardello, a popular X user, believes that the asset is poised for a breakout to the upside, citing an “inverse head and shoulders with upward sloping neckline.” This pattern, if it indeed plays out, could potentially result in a price surge to as high as $7.
Altcoin Daily also made bullish predictions regarding ADA’s valuation, forecasting a price of $6.45 by 2025. While the analyst did caution that “any altcoin can theoretically go to zero at any time,” they emphasized the importance of investing only what one is prepared to lose.
Several key developments are on the horizon for Cardano in the next 12 months, which could conceivably put upward pressure on its native token’s price. For those curious about the specifics of these developments, a dedicated video providing further information is available below:
On the other hand, some factors suggest that ADA might continue to plummet in the near future. In recent days, it has been reported that whales have unloaded over 70 million tokens within a 48-hour span. The sales from large investors could lead to an increase in the circulating supply of ADA and subsequently, a price decline, provided demand does not keep pace with this surge. Furthermore, the aforementioned selling pressure may discourage smaller players, prompting a more considerable selling spree.
In conclusion, the forecast for Cardano’s (ADA) future performance remains uncertain. The market is subject to constant fluctuations and speculative sentiment can shift rapidly.
Source: cryptopotato.com
