Markets
Cardano Price Expected to Hit $40 According to Crypto Analysts
Cardano, the tenth largest cryptocurrency on the market, has failed to meet investors’ expectations with its continued declines. It is currently at the lowest levels in the months following the market’s downtrend. But it is difficult to say that this is the only moment of decline in ADA’s career, because the Cardano Price has moved 87% away from the best value of $3.10, set three years ago. At the time of writing, Cardano is trading at $0.3783 after a 17.6% decline over the month, which is the lowest point this year.
However, this is about to change as Fiery Trading, a crypto analyst, has predicted a roadmap for Cardano price to reach $40.
Fiery Predicts Cardano Price to Surge to $40
Fiery Trading recently published its findings on the possibility of Cardano price rising to $40. According to its findings, if Cardano continues to move in the same channel, it could reach the $40 target, but there is a catch. While the cryptocurrency market is losing its battle against the bears, such a huge target is achievable when the bull market begin.
He also pointed out that the current moment is the best entry to get the best future gains because the value is really low. However, Fiery acknowledged that the target is in unimaginable ranges, but felt the risk was worth it. If ADA followed this prediction, the target would be 13 times the all-time high of $3.10, which appears to exceed investor expectations.
What would happen if this price prediction came true?
Cardano is in a complete dump, and expecting a rise to $40 will push this cryptocurrency into a much better position than this. Its total supply is 36,994,116,265, and 79% of the total supply is in circulation. With a circulating supply of 35,747,821,221 ADA, Cardano’s market cap is $13,520,951,980. If ADA price reached $40 instead of the current price of $0.3783, the market cap would become $1.42 trillion, reversing Bitcoin
whose market capitalization is $1.2 trillion.
If an investor buys $100 worth of ADA today, they will receive 264.34 ADA tokens. Once the price reaches $40, it will turn into $10,573, generating a profit of $10,473.6. Similarly, if $1,000 worth of tokens are purchased, the investor will receive 2,643.4 ADA tokens, generating a profit of $104,736.1.
Analysts are divided on the future price of Cardano
Another crypto analyst, Swallow Premium, has a different prediction than Fiery. According to his analysis, Cardano has just crossed the $0.40 liquidity zone and is at high risk of falling to $0.24 in the coming days or weeks.
Another Crypto analyst Sebastian predicted that Cardano price will rise now as it has already reached its lowest level. According to his prediction, there is a high possibility of recovery for Cardano as well as the entire market. Based on this, the market will move towards higher lows and higher highs.
Despite analysts’ forecasts, the current situation suggests a decline. All technical indicators, including MACD (12.26), STOCH (9.6) and Bull/Bear Power (13), emphasize the increased sales of this altcoin. In addition, moving averages at all intervals from 5 to 200 are in the selling zone.
Furthermore, the Relative Strength Index (RSI) is 34,757, indicating seller dominance. With this, Cardano price could continue to decline until the trends reverse with the market recovery.
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