Cardano (ADA) has set itself an ambitious target of reaching $500, and if its price doubles every month, it could achieve this goal in just over ten months, starting from its current price of $0.4488.
This week, ADA displayed its strength by reclaiming its position in the top 10 cryptocurrencies by market capitalization. It had previously been pushed down to the 11th spot by Shiba Inu on May 29. However, Cardano managed to surpass both SHIB and Toncoin (TON) and now ranks as the ninth-largest cryptocurrency by market cap.
Currently priced at $0.4488, ADA has experienced a daily decline of 1.03% and a weekly dip of 2.46%. However, despite these fluctuations, experts at Changelly predict that ADA could potentially rally to $0.60.
This prediction of $0.60 is relatively conservative compared to other forecasts. Many analysts believe that ADA could surge to $27 in the current market cycle. Additionally, Changelly experts foresee ADA reaching a price of $500 by April 2050, which is 26 years from now.
For ADA to reach the $500 target, it would need to surge by 111,308% from its current price of $0.4488. While Changelly expects ADA to achieve this target in the next 26 years, it could happen sooner if its price doubles every month, starting from this month.
To determine how long it would take for Cardano to reach $500 if its price doubles every month, The Crypto Basic conducted a hypothetical analysis. Based on their findings, if ADA maintains this trend, it could reach $500 in less than a year.
For example, if ADA’s price doubles by the end of June 2024, it would reach $0.8968. By July, the price would double again to $1.7936, and so on. Following this pattern, Cardano would surpass the $500 target by April 2025.
However, it’s important to note that this is only a hypothetical scenario and does not guarantee that ADA will achieve the $500 price target by April 2025 or within the 2050 timeline projected by Changelly experts.
To have a chance at reaching the $500 target, Cardano would need widespread adoption from retail, whale, and institutional investors, as well as increased developmental activities.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
