Investors in Cardano are facing a significant challenge as the current price sits at $0.42, requiring a substantial investment to potentially reach $1 million if ADA achieves ambitious price targets of $5.18, $15.14, and $23.26.
The cryptocurrency market is currently experiencing a bearish trend, and Cardano is not immune to the prevailing selling pressure. Interestingly, ADA seems to struggle more than other cryptocurrencies, failing to take advantage of market upswings and getting caught in subsequent corrections.
Cardano has been facing price struggles, particularly when compared to the recent spike in Bitcoin, which surpassed $71,000. While many cryptocurrencies saw a surge in prices, ADA failed to make a significant move. Even though Cardano briefly reached $0.49, it quickly dropped, ending the day with a 1.96% decline.
With Bitcoin now undergoing a correction, ADA has also suffered, dropping 7.57% over the past week. Despite these challenges, some analysts believe that Cardano has the potential to recover from the current bearish trend and have projected various price targets.
For example, analyst Sebastian has suggested that Cardano could reach $3 by 2024, citing four catalysts that could drive a price surge. Additionally, he predicts that ADA could hit $2 by August this year due to the upcoming Chang hard fork.
Furthermore, Changelly, a crypto exchange, has set ambitious price goals for Cardano, including $5.18, $15.14, and $23.26, with timelines for ADA to achieve these targets.
These projections have sparked renewed optimism among investors, with some aiming to secure $1 million when Cardano experiences a breakout. The Crypto Basic recently analyzed the amount of ADA an investor would need to reach this target at different price levels.
To reach $1 million at the $5.18 price, an investor would need to hold 193,050 ADA tokens, which can be acquired for $81,949 at the current price of $0.4245. Changelly expects Cardano to reach $5.18 by January 2030.
Similarly, for the $15.14 price target, investors would need 66,050 ADA tokens, costing $28,038 at the current price. Changelly predicts Cardano will reach $15.14 in October 2032.
For the daring $23.26 price target, investors must purchase 42,992 tokens, which are currently valued at $18,250. Changelly believes ADA can reach $23.26 by December 2033.
It’s important to note that this content is for informational purposes only and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic does not take responsibility for any financial losses incurred.