thecryptobasic.com
Despite the recent Cardano dip, ChatGPT-4o still believes these factors could take the price of ADA to around $5 by year-end.
Cardano (ADA) is still recovering from the recent onslaught across the broader market that pushed its price below the $0.50 level. In the hours leading up to press time, ADA was changing hands at $0.4621, with a mild 24-hour increase of 0.43%.
However, ADA is still down 4% and 3.1% in the weekly and monthly charts. Despite ADA’s plunge in recent times, ChatGPT-4o, the latest improved version of OpenAI’s chatbot, provided insights into the potential price level at which the coin could likely trade by the end of this year.
Here’s How Much ADA Could Trade by Year End
ChatGPT-4o offered two types of predictions for ADA by 2024 ending and also highlighted factors that could propel the asset’s surge.
The first prediction suggests that ADA could change hands within the ranges of $1 – $2 by the end of 2024. According to the chatbot, ADA could trade within this range if the broader crypto market experiences consistent and moderate growth.
However, the AI tool increased this target to $2 and $5 if Cardano and the broader crypto market witness positive trends and developments. For context, the prediction suggests that ADA must rally at least 332% and 982% from the current price of $0.4621 to hit the targets of $2 and $5, respectively.
Potential Factors That Could Influence ADA Price
Notably, ChatGPT-4o highlighted several factors that could influence ADA’s potential surge to up to $5 by year-end. At the top of the list is the growing interest in ADA among whale investors.
As per the ChatGPT-4o analysis, higher demand in ADA from large investors serves as bullish sentiment for the asset and could push the price to a value around the $5 region.
According to the AI chatbot, other potential factors that could drive ADA’s price to $5 this year include increased developmental activities and institutional adoption of the asset.
IOG, the research and development arm of Cardano, has been making significant moves to enhance the network’s performance and security. As of May 17, the team revealed that it implemented critical upgrades to different aspects of Cardano, especially scaling.
Meanwhile, the chatbot urged ADA holders to look out for regulatory and economic changes that could positively impact the coin’s price.