Cardano, ADA could hit $1.16 in 2024
Cardano’s price prediction for the most bearish scenario will value ADA at $0.35 in 2024.
Cardano’s previous All Time High was on 2 September 2021 where ADA was priced at $3.09.
Cardano’s price at the same time last week was $0.45. It has moved by -4.25 % in the past week and is currently at $0.44. Infact, in the past 24 hours, ADA has dumped by -2.93 %. There is a slight bearish sentiment in the crypto market. The long term sentiment, however, remains bullish and ADA could hit $2.44 in 2025.
The total circulating supply of Cardano as of writing this article was $35347888947.32 and the marketcap of ADA remains at $15,880,897,435
ALGO price prediction: Key highlights
1. Primary support and resistance levels
$0.455 might prove to be the peak resistance level on the weekly chart, while $0.092 was established as the lowest price floor.
2. Market sentiment
The overall market sentiment is seen to be neutral to bullish in April 2024.
3. Predictive forecasts
Our AI/ML predictive models forecast the average price of ALGO to reach $36.20 by 2030 and $1374.58 by 2035.
Get expert insights on ALGO via a comprehensive weekly technical analysis, followed by the coming days of the month, upcoming months, and yearly forecast tables derived from our AI/ML-based predictive models:
ALGO technical analysis: Another uptrend to follow the corrective drop?
The financial trajectory of ALGO throughout last year was emblematic of a tumultuous period for the cryptocurrency, predominantly characterized by bearish dominance. However, the outlook for Algorand's price prediction in 2024 appears more optimistic as bullish momentum returns to the market.
The review period for ALGO commenced with the token briefly testing above the $0.207 mark. However, by mid-April 2023, a pronounced bearish rally took hold, significantly impacting the price. This downward trend persisted, leading to a notable decline in ALGO's value, which plummeted below the critical support level of $0.117 by June.
Despite the bulls’ fleeting attempt to initiate a recovery during this period, the momentum lacked durability, and the price continued to drop, ultimately reaching a yearly low at $0.092 by September.
In response to this low, October marked a turning point as a trend reversal was initiated, catalyzing a substantial increase in ALGO's value. This recovery was robust enough to propel the price back above the initial $0.207 level by the close of 2023.
As the new year unfolded, ALGO faced another downturn, with its value receding to the $0.158 level in January. This retracement reflected a broader market recalibration following the swift gains of the previous months.
Nonetheless, as February arrived, the market sentiment shifted again, bolstering ALGO's value. The bulls reasserted their strength, pushing the token to its peak for the period at $0.275 by the end of March.
However, the surge to this peak resistance level was followed by a corrective pullback. This adjustment saw ALGO's value dipping back to retest the $0.158 mark. At the time of writing, ALGO had managed a modest recovery from its pullback, trading at approximately $0.202.
ALGO’s short-term growth trajectory looks promising. Recently, Algorand announced its role as a technical partner in FrontTech Accelerator, a newly launched program by CDP Venture Capital’s National Accelerator Network. The program received over €7 million as an endowment. Additionally, the token witnessed a 22% price appreciation over the past week, according to CoinMarketCap.
If the bulls continue to soar, ALGO’s value might spike to reclaim the peak resistance at $0.275 within the next few weeks. Furthermore, a sustained bullish momentum may even result in ALGO breaking past the $0.455 mark within the upcoming months. This significant resistance level has not been touched since 2022.
However, if the bears gain momentum, ALGO might trade closer to the current support at $0.158. A more pronounced drop can even lead it back to touching the $0.117 level.
The long-term trajectory for ALGO is also optimistic. Our AI/ML models have projected that the altcoin will likely reach $36.20 by 2030. Furthermore, if the developmental improvements continue, ALGO’s value may soar even higher and touch $1374.58 by 2035.
ALGO's 2024 roadmap: Key indicators to watch and trade
The Awesome Oscillator (AO) largely stayed below the zero line, indicating bearish momentum. However, in mid-September, the negative values began to lessen, leading to the AO transitioning into positive territory towards the end of November.
The positive momentum began to wane in January. Yet, recovery was noted in mid-February, which continued until April. At press time, the AO had dipped slightly to 0.0519.
The trading volume began at low levels, with occasional spikes of activity. A notable recovery was observed towards the end of October, aligning with a bullish rally.
However, a decline in trading volume was noted during January. This reversed in February as the volume started catching up the price again. It waned slightly at press time but did not fall to its previous lows.
After a period of decline until September, the On-Balance-Volume (OBV) reversed its direction. This indicated a shift in market sentiment as buying pressure began to outweigh selling pressure.
A significant upward movement in the OBV was observed towards the end of January, pushing the indicator to new highs. This suggested a strong influx of volume.
At the time of writing, the OBV stood at 3.763 billion, marking the highest recorded value during the analysis period. It signaled substantial investor participation, potentially predicting continued upward price movement.
Cardano Price Prediction
Cardano has had an eventful 2023. To simplify the latest ADA price prediction, we have divided up the prediction by short term Cardano price prediction and long term Cardano price prediction. As of writing this article, ADA had a trading volume of 300,283,978. Cardano has gone down by -23.46% in the past 30 days.
According to our analysis in the short term, Cardano price prediction for July 2024 shows the average price of ADA at 0.71 and the highest possible price for July 2024 would be $0.76.
Further, according to our analysis in the long term, Cardano price prediction for November 2024 shows the average price of ADA at 0.88 and the highest possible price for November 2024 would be $0.94.
Cardano price prediction 12 May 2024: Cardano's price for 12 May 2024 according to our analysis should range between $0.43 to $0.49 and the average price of ADA should be around $0.46.
Cardano price prediction 13 May 2024: Cardano's price for 13 May 2024 according to our analysis should range between $0.43 to $0.5 and the average price of ADA should be around $0.46.
Cardano price prediction 14 May 2024: Cardano's price for 14 May 2024 according to our analysis should range between $0.44 to $0.5 and the average price of ADA should be around $0.47.
Cardano price prediction 19 May 2024: Cardano's price for 19 May 2024 according to our analysis should range between $0.46 to $0.54 and the average price of ADA should be around $0.5.
Cardano price prediction 24 May 2024: Cardano's price for 24 May 2024 according to our analysis should range between $0.5 to $0.57 and the average price of ADA should be around $0.54.
Cardano price prediction 3 June 2024: Cardano's price for 3 June 2024 according to our analysis should range between $0.58 to $0.67 and the average price of ADA should be around $0.63.
Cardano price prediction July 2024: Cardano's price for July 2024 according to our analysis should range between $0.66 to $0.76 and the average price of ADA should be around $0.71.
Cardano price prediction August 2024: Cardano's price for August 2024 according to our analysis should range between $0.7 to $0.81 and the average price of ADA should be around $0.75.
Cardano price prediction September 2024: Cardano's price for September 2024 according to our analysis should range between $0.74 to $0.85 and the average price of ADA should be around $0.8.
Cardano price prediction October 2024: Cardano's price for October 2024 according to our analysis should range between $0.78 to $0.9 and the average price of ADA should be around $0.84.
Cardano price prediction November 2024: Cardano's price for November 2024 according to our analysis should range between $0.82 to $0.94 and the average price of ADA should be around $0.88.
Cardano price prediction December 2024: Cardano's price for December 2024 according to our analysis should range between $0.86 to $0.99 and the average price of ADA should be around $0.92.
Cardano's Long Term Price Prediction
Cardano’s long term Price Prediction below is a look at ADA’s future prospect with regards to price. Cardano was last seen at $0.44, with a market cap of $15,880,897,435 and trading volumes of $300,283,978. ADA’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
Cardano price prediction 2024: Cardano's price for 2024 according to our analysis should range between $0.77 to $1.16 and the average price of ADA should be around $0.96.
Cardano price prediction 2025: Cardano's price for 2025 according to our analysis should range between $1.63 to $2.44 and the average price of ADA should be around $2.03.
Cardano price prediction 2026: Cardano's price for 2026 according to our analysis should range between $3.40 to $5.11 and the average price of ADA should be around $4.26.
Cardano price prediction 2027: Cardano's price for 2027 according to our analysis should range between $7.13 to $10.70 and the average price of ADA should be around $8.92.
Cardano price prediction 2028: Cardano's price for 2028 according to our analysis should range between $14.94 to $22.41 and the average price of ADA should be around $18.68.
Cardano price prediction 2029: Cardano's price for 2029 according to our analysis should range between $31.30 to $46.95 and the average price of ADA should be around $39.12.
Cardano price prediction 2030: Cardano's price for 2030 according to our analysis should range between $65.56 to $98.34 and the average price of ADA should be around $81.95.
Cardano price prediction 2031: Cardano's price for 2031 according to our analysis should range between $137.34 to $206.01 and the average price of ADA should be around $171.68.
Cardano price prediction 2032: Cardano's price for 2032 according to our analysis should range between $287.70 to $431.55 and the average price of ADA should be around $359.63.
Cardano price prediction 2033: Cardano's price for 2033 according to our analysis should range between $602.68 to $904.02 and the average price of ADA should be around $753.35.
Cardano price prediction 2035: Cardano's price for 2035 according to our analysis should range between $2644.70 to $3967.05 and the average price of ADA should be around $3305.87.
