The cryptocurrency market is facing a significant price correction after the recent market rally. Bitcoin (BTC) has climbed to a new all-time high and breached the $126,000 price level. However, the original crypto has faced a decline in price, falling to the $123,000 level. Cardano (ADA) is also following the overall market downtrend. According to Coingecko data, ADA is down 3.5% in the past 24 hours, 0.6% in the last week and 2.5% from the previous month. Despite the DIP, ADA maintained some gains on the 14-day and yearly charts, collecting 1% and 134.4%, respectively. In this price prediction article, let’s discuss how Cardano (ADA) will perform over the coming weeks.
Cardano price prediction: $1.34 could be in the cards
Cardano (ADA) is likely to recover from the current price drop. October was historically a bullish month for Bitcoin (BTC). A BTC rally could lead to a market-wide recovery.
Additionally, the Federal Reserve is likely to introduce another 25 basis points of interest rate cuts this month. Another rate cut could lead to a market-wide rally. Cardano (ADA) could break into the rally if prices drop further.
Not only that, the SEC may decide on several crypto-based spot ETFs this month. Positive developments in the ETF arena can also trigger market-wide rallies. Cardano’s price could benefit from such developments.
According to Concodex analysts, Cardano (ADA) will recover and experience continued rallies over the coming months. The platform expects ADA to breach the $1 mark again on October 31st. Furthermore, Concodex predicts that ADA will reach $1.34 on December 22nd this year. Reaching $1.34 from the current price level would translate to a rally of approximately 62.23%.
However, crypto markets are subject to a large amount of volatility. Macroeconomic conditions and trade wars can pose unforeseen challenges. Cardano (ADA) price may suffer under such circumstances.
