thecryptobasic.com
Analysts remain optimistic that Cardano (ADA) could potentially touch the $1 level, given its ability to hit the All-Time High (ATH) above $3.
Cardano has traded at a major discount for an elongated period of time, changing hands below the $1 price mark since at least April 2022.
With this price level marking a defined resistance point, there have been many speculations about what the future holds for the coin and the possible timeline it will take to retest this same level.
Cardano is changing hands for $0.5605, up by 1.57% in the past 24 hours. The coin’s market capitalization is up by 1.88% to $20,117,012,450 while its trading volume has slumped by 7.34% to $477,872,501.
Projections for ADA to $1 Milestone
Amid the struggle below $1, top Cardano bull, Dan Gambardello, who doubles as the founder of Crypto Capital Venture, has triggered a debate on the possible timeline for ADA to touch $1.
According to him, he believes the Proof-of-Stake (PoS) network will not hit this milestone before the next Bitcoin halving event slated for April.
I don’t think Cardano will break $1 before Bitcoin halving.
If it does I’ll give someone in the comments 1,000 $ADA.
Like and repost!
— Dan Gambardello (@cryptorecruitr) February 14, 2024
The comment comes on the back of growing speculations surrounding the asset and how it has lagged the broader market amid Bitcoin’s surge to $50,300, its highest level in about 3 years.
The concern hinges on the correlation the altcoin maintains with Bitcoin. Some of these commentators have called attention to the theory that Cardano ought to surge higher amid the Bitcoin rally, given its lower market cap.
Ultimately, the stunted growth of Cardano and the projections from AI algorithms like ChatGPT and Google Bard have positioned the minds of enthusiasts to expect more from the coin shortly.
What AI Thinks of the ADA Growth Trend
When The Crypto Basic asked Google Bard and ChatGPT what they think the price of ADA will be after the next Bitcoin halving, the former projected an optimistic range of $1.15 to $3, a moderate target of $0.75 to $1.25 and a conservative target of $0.5 and $0.75.
ChatGPT was more ambitious, as it believes Cardano could soar as high as $5 to $7 with a humble target of $1.5 to $2 post halving.