Top Cardano (ADA) Price Forecasts: Further Decline or a Rise to a New ATH?

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TL;DR

  • Analysts highlight a potential breakout for ADA, supported by bullish chart patterns and upcoming developments for Cardano.
  • However, recent whale sales of millions of tokens could negatively affect the price.

The Bullish Scenario

Although the year began positively for the cryptocurrency market, it’s experienced some turbulence over the past few days. Bitcoin (BTC) has dropped approximately 9% in just 48 hours, while many alternative coins have seen even steeper declines.

Cardano’s ADA cryptocurrency has seen a 20% decrease in value since January 7, and at the moment, it is being traded for approximately $0.91, according to CoinGecko data. Its market capitalization has also dropped significantly, now sitting below $35 billion.

User Dan Gambardello, who is well-known within the X community, maintains an optimistic outlook. Lately, he has asserted that ADA exhibits “one of the most promising weekly chart patterns in the crypto world,” which resembles an “inverse head and shoulders with a rising neckline.” According to Gambardello, this could potentially lead to a significant price surge, possibly reaching $7.

In addition, Altcoin Daily made their own forecast. At the beginning of the year, they shared optimistic expectations about various cryptocurrencies, anticipating that ADA’s value might reach $6.45 by 2025. It’s important to note that this target isn’t a guaranteed outcome; the analyst cautioned that “any altcoin could potentially plummet to zero at any given moment.” They also reminded potential investors to only invest an amount they are prepared to lose.

In the coming year, Cardano is poised for significant advancements which might lead to an increase in the value of its native token. If you’re curious about these upcoming updates, feel free to watch our exclusive video below:

How About a Further Pullback?

Despite the optimistic forecasts about ADA, there are indicators suggesting it may keep falling in the coming days. This week, X user Ali Martinez disclosed that whales have offloaded more than 70 million tokens within a span of 48 hours.

Large investors’ actions to increase the supply of ADA could potentially lead to a decrease in price if demand does not match the increased supply at the same rate. Furthermore, this action might discourage smaller investors, leading to a larger sell-off.

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2025-01-09 14:02