Could Cardano reach $1? ADA climbs 10%

Amid an enthusiastic day on the cryptocurrency market that began with Bitcoin (BTC) briefly tapping the $35,000 level, Cardano (ADA) has been making significant advances as well, reigniting hopes that the eighth-largest digital asset by market capitalization could actually reach the coveted price of $1 again.

Indeed, Cardano has increased its price by 10.2% in the last 24 hours, adding up to the 15.81% gain on its weekly chart and an advance of 17.5% across the previous 30 days, and is currently trading at $0.289, according to the most recent information obtained by Finbold on October 24.

Cardano 24-hour price chart. Source: Finbold

As it happens, the recent advances arrive at the heels of rumors of a possibly imminent approval of a spot Bitcoin exchange-traded fund (ETF), which has pushed the total crypto sector toward adding over $100 billion to its market cap in a single day and the flagship decentralized finance (DeFi) asset soaring over 12% during the same period.

Cardano price prediction

Meanwhile, the possibility of Cardano reaching $1 is not out of the question, particularly as this cryptocurrency was changing above this price mark for the larger part of the bullish market in 2021, even touching the $3 level on a couple of occasions.

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In this context, Finbold has consulted the artificial intelligence (AI) algorithms deployed by the crypto analytics platform CoinCodex to see at which moment they predict Cardano could, indeed, reach the above-mentioned price target or even continue further.

According to the algorithms, this could happen in late April 2024, specifically April 26, for which they set the price of Cardano at $1.1312. The next bullish wave should follow in early September 2024, after which the algorithms will turn bearish.

Cardano 1-year price prediction. Source: CoinCodex

Given its recent price movements and AI price predictions, Cardano bulls do have a strong case for their favorite crypto asset increasing its value and reaching $1 in the next several months, and crypto trading expert Ali Martinez agrees, as Finbold reported on October 12.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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