Cardano’s Surge Could Take It to $1 Soon
As Cardano (ADA) keeps up its bullish streak, analysts are eyeing how soon it might reach $1.
That would be a key psychological milestone for the coin that has been doing well already this year but has yet to break $0.70. It should pass that key point even today, as the bulls have been taking Cardano for a ride since Monday. Now, this important crypto is at $0.6942. That is a 7.7% increase from Wednesday.
Cardano’s price has been inconsistent since the crypto market started to boom late last year. From that point in October of 2023, Cardano’s rate did rise rapidly, but it fell off at the beginning of the year and took a while to recover.
The coin’s performance over the last year, though, has been excellent. It has grown nearly 100% and has moved into the #8 spot by market cap in the crypto rankings.
How Soon Until $1?
As the crypto market surges, the question people are asking about Cardano is when it will reach $1. Now, the token was at that level during the first few months of 2022, but it fell dramatically until early 2023 and stayed down for a while. To get back up to $1 would be a tremendous achievement but a long way off from the all-time high of $3.10 from back in September of 2021.
If Cardano continues on its current trend of 2024 and grows at about the same speed, we can expect the $1 Cardano price point around September of this year. Why it may take seven months for Cardano to achieve that level is due to the slow growth the coin has seen for much of the year. Its recent growth has been astounding, but there is no reason to think that will keep up for very long.
The current market boom may be over soon and leave Cardano hovering in the $0.70 to $0.75 range. With Bitcoin (BTC) going strong and the wider market doing well, Cardano could reach that important milestone before fall of this year, but not if it repeats its January showing.
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