Analyst Reveals When Cardano (ADA) Price Will Reach $8

In Brief
A crypto market analyst noted that Cardano's ADA price could surge to approximately $8.
Still, ADA may undergo a consolidation phase until April 2024 before entering a bull rally.
Developers are pushing the ecosystem's growth in Plutus script, infrastructures, and more.
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Cardano’s ADA price performance has exhibited a relatively stagnant trend this year after a noticeable downward correction.

Still, ADA may experience a significant turnaround in its fortunes. Industry experts anticipate a potential price surge starting in April 2024.

ADA Price Prediction: $8 by January 2025

Ali Martinez, BeInCrypto’s Global Head of News, noted that ADA’s current price action mirrors its late 2020 run. During this period, ADA traded mostly sideways before a bull run that started in November 2020 and ended in August 2021 at a market value of $3.

Similarly, history may repeat itself with a prolonged consolidation phase that extends until April 2024 before a bull run that peaks at roughly $8 by January 2025. Such a bullish scenario implies an extraordinary surge of 1,797.67% in ADA’s price.
“Should the patterns align and Cardano mirrors its late 2020 price behavior, we can anticipate ADA to remain in a consolidation phase until April 2024, setting the stage for its next bull rally,” Martinez said.
Currently, ADA is trading around $0.50, reflecting a 3.14% decline in the past 24 hours and a 9.95% dip over the last month. Still, it remains the eighth-largest digital asset, with a market capitalization of $18 billion.

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The Cardano Network Continues to Grow
Despite ADA’s modest price performance, ongoing developments within the Cardano blockchain showcase a resilient commitment to expanding its ecosystem. Indeed, the latest Cardano development report highlights 157 launched projects, with an additional 1,322 in active development.

Noteworthy is the remarkable progress in Plutus script development, a pivotal component facilitating smart contracts on the Cardano network. The current tally reveals 6,356 Plutus V1 scripts, while Plutus V2 scripts have surged to 18,821.
Simultaneously, Cardano’s infrastructure experienced continual reinforcement, marked by performance enhancements and incorporating novel features. For instance, the Voltaire phase, emphasizing decentralized governance, has recently made substantial strides.

“The education team is planning the second iteration of the Cardano developer training course in collaboration with the Africa Blockchain Center (ABC). They are also continuing to update further lessons of the Haskell Bootcamp course,” IOHK added.

Last month, BeInCrypto reported that Cardano leads the pack in developer activity among its blockchain counterparts.

Cardano (ADA) Price Prediction 2024/2025/2030

Cardano, the 8th largest cryptocurrency by market cap, is closing in on the 60-cent mark as of mid-December 2023. With the year about to end and the price of ADA having peaked at $0.675 — aligned with our 2023 Cardano price prediction, the future seems optimistic for this peer-reviewed ecosystem. In this updated Cardano price prediction, we shall take a closer and more detailed look at the future of the Cardano blockchain going into 2024 and the price of ADA — from an investment perspective.

Over the next few sections, you will find how we successfully predicted the highest price of ADA in 2023 and why we expect the 2024 high to be around the $1.22 mark. Plus, we will show (not tell) why we believe the price of ADA can breach the $5 mark by 2030.

Best crypto exchanges to buy & trade ADA
Cardano fundamentals and the impact on ADA price prediction
Founded by Charles Hoskinson, Cardano is easily one of the more technologically-equipped blockchains around. Here is a quick refresher to how powerful and feature-loaded the Cardano network actually is:

Cardano comes with a layered architecture, making transaction handling more flexible.
The blockchain comes with a more energy-efficient version of the Proof-of-Stake consensus — the Ouroboros.
You can stake ADA to secure the network or even use it to take part in on-chain governance.
The Cardano blockchain is developer-focused, offering ample DApp and smart contract development resources.
The Cardano ecosystem is interoperability-focused and boasts periodic technical upgrades.
And that’s just scratching the surface when the functionality of Cardano and its native ADA tokens are concerned.

Cardano is also steadily evolving into a breeding ground for NFTs with marketplaces like Jungle, jpg.store, Pun City, and more setting shops. Per data from Crypto Slam at press time, total NFT Txns corresponding to the Cardano ecosystem have surged almost 68% over the past 7 days. And the majority of the transaction volume has been pushed in by the buyers.
If you look at the 7-day chart, there has been a clear uptick in the number of buyers and sellers flipping NFTs across the Cardano network.

Apart from NFTs, Cardano also has a pretty evolving DeFi presence. It was ranked 17 in terms of TVL in early April, with the Minswap DEX having a 29% dominance. As of December 18, 2023, the ranking has changed to 12, and the Total Value Locked has surged almost three times.
ADA price prediction and the role of tokenomics
As far as ADA tokenomics is concerned, Cardano has a maximum supply of 45 billion. Do note that almost 31.1 billion ADA tokens were initially allocated. Here is what the ratio looked like:
Pattern identification
The weekly chart reveals a peak-like formation towards the extreme left of the chart. Before the peak, there is a smaller high, and post the peak, ADA makes a smaller high before going tepid and range-bound for close to 2.5 years.

Post that, ADA makes two higher highs before peaking at over $3. After that, there are two discernible lower highs. Also, notice how the current weekly RSI is making a higher high as opposed to the lower high made by the price of ADA. This form of bullish divergence means that ADA might again start forming a series of higher highs.

We can now locate every crucial high and low point on the chart to help you identify the average high-to-low and low-to-high moves.

Price moves and changes
Now that we have marked all the crucial points before, after, and between the peaks, it is time to locate the price percentage changes and distances between them. For that, we will focus on two paths: A to O and O to O1.
DISCLAIMER

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.