Markets
Cardano Price Expected to Hit $40, Crypto Analysts Say
Cardano, the tenth-largest cryptocurrency in the market, has failed to meet investors’ expectations with its continuous declines. It is currently at the lowest levels in the months following the market’s bearish trend. But it is difficult to call this the only moment of decline in ADA’s career, as the Cardano Price Cardano has moved 87% away from its best value of $3.10 set three years ago. At the time of writing, Cardano is trading at $0.3783 after a 17.6% drop 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 up to $40. According to his 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 goal is achievable when the bull market begin.
He also emphasized that the present moment is the best gateway for the best gains in the future because the value is really low. However, Fiery acknowledged that the target is in unimaginable ranges, but said the risk is worth it. If ADA followed this prediction, the target would be 13 times the all-time high of $3.10, which seems beyond investors’ expectations.
What will happen if this price prediction comes true?
Cardano is in a completely depressed situation, and expecting a rise to $40 will put this cryptocurrency in a much better position than that. It has a total supply of 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 the price of ADA were to reach $40 instead of the current price of $0.3783, the market cap would become $1.42 trillion, which would reverse the trend. Bitcoinwhose 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 has a 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.
Even as analysts look to the future, the current situation shows decline. All technical indicators, including MACD(12.26), STOCH(9.6), and Bull/Bear Power(13), highlight the increasing sales of this altcoin. Additionally, the moving averages at all intervals from 5 to 200 are in the sell zone.
In addition, the Relative Strength Index (RSI) is 34.757, indicating seller dominance. With this, Cardano price could continue to fall until the trends reverse with the market recovery.
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