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.
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.
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.
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.
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