With Cardano (ADA) rising approximately 40% in a year and more than 30% in October alone, investors are again wondering if the cryptocurrency might reach $1 before the year is out.
Additionally, a significant surge in trading volume and the increase of Cardano staking to a value of about $8 billion that was reported on November 7 only added to the overall interest.
In its search for answers for whether the current bullish sentiment is justified, Finbold decided to consult the artificial intelligence (AI) of ChatGPT on where ADA might stand on January 1, 2024.
ChatGPT weights Cardano’s merits
OpenAI’s ChatGPT assessed that there are six key factors that will determine ADA’s price over the coming two months. As per the AI, these include various development milestones and upgrades of the ecosystem, staking and other on-chain metrics, and regulatory and market attitudes toward Cardano.
As noted above, there has recently been a surge when it comes to Cardano staking, and as much as $2 billion has flown into ADA’s market cap within a single week.
ChatGPT considers there are three likely price ranges for Cardano at the start of 2024. The bullish scenario would see ADA greet the New Year between $0.50 and $1, and the AI believes this outcome is neither particularly probable nor particularly improbable.
A bearish scenario – explained by the machine intelligence as the result of a possible regulatory crackdown, major technical problem, or a scandal – would see ADA drop to a range between $0.15 and $0.25. ChatGPT, thankfully, considers this as possible but not probable.
Finally, the AI considers that it is most likely that ADA will enter into a slight correction followed by a period of consolidation. ChatGPT believes that Cardano would retrace a bit and trade sideways, as it is likely that investors would move away and look to more exciting opportunities. According to the program’s estimate, such a scenario would see ADA stand between $0.25 and $0.35 – slightly below its price at the time of publication.
ADA price chart analysis
Planting our feet back in November, ADA is trading at $0.35 at the time of publication, having risen 2.72% over the previous 24 hours. The cryptocurrency’s performance in the past 7 days has also been strong, seeing its price increase 22.61%.
Zooming even further out, Cardano has been following a distinctly upward trajectory for most of the previous month, having jumped as much as 37% since mid-October, and its market cap, standing close to $12.5 billion, is placing it at the eighth spot among the world’s largest cryptocurrencies.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
