Cardano (ADA) has also been making notable gains amid a brisk day on the cryptocurrency market that started with Bitcoin (BTC) momentarily touching the $35,000 mark.
This has sparked optimism that the eighth-largest digital asset by market capitalization may actually hit the sought-after $1 price once more.
According to the most recent data Finbold received on October 24, Cardano is presently trading at $0.289, up 10.2% in the past day. This is in addition to the 15.81% gain on its weekly chart and a 17.5% rise over the last 30 days.
Is Cardano going to hit $1? ADA rises by 10%,Is Cardano going to hit $1? ADA rises by 10%
As it happens, the latest developments follow reports that a spot Bitcoin exchange-traded fund (ETF) may soon be approved. This has caused the market capitalization of the entire cryptocurrency industry to rise by over $100 billion in a single day, with the flagship decentralised finance (DeFi) asset rising by over 12% during that same time.
Forecasted price of Cardano
In the meanwhile, it is not impossible that Cardano will surpass $1, especially considering that it fluctuated over this mark for the most of the bull market in 2021 and even hit the $3 barrier a few times.
In this regard, Finbold has contacted the artificial intelligence (AI) algorithms implemented by CoinCodex, a cryptocurrency analytics platform, to determine when they anticipate Cardano will really hit the aforementioned price objective or possibly beyond it.
The algorithms predict that this will occur in late April 2024, more precisely on April 26, when they have fixed the price of Cardano at $1.1312. Early in September 2024, the second bullish wave is expected to occur, following which the algorithms will go pessimistic.
As Finbold reported on October 12, crypto trading expert Ali Martinez concurs that Cardano bulls have a good case for their favourite cryptocurrency asset rising in value and hitting $1 in the next months given its previous price movements and AI price projections.
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