Cardano’s (ADA) price prediction shows it might not rebound before the end of the month.
ADA, the native token of the leading cryptocurrency Cardano, is trading around $0.44 on Wednesday. ADA has lost close to 13% over the past fourteen days, putting it on the back foot for most of the month. Additionally, the altcoin has lost nearly 25% of its value in the past month, causing investors to be cautious about its future.
Could the current adverse sentiment of Cardano’s ADA eventually give way to favorable circumstances for the cryptocurrency? This article will examine the dominant altcoin’s potential high or low trading volume by May end of 2024.
Cardano: Prediction of the ADA Price on May 31
CoinCodex, an industry leader in on-chain metrics and price forecasting, has portrayed an impartial picture of Cardano’s ADA. According to the forecast, the cryptocurrency could increase by a maximum of $0.46 by the end of the month on May 31, 2024. This represents an approximate 5% increase in return on investment (ROI) compared to its present price of $0.44.
Consequently, a $1,000 investment has the potential to increase to $1,050 should the forecast prove to be accurate. However, the returns are negligible, and the trading platforms would reduce their fees, depriving investors of greater profits. Bearish sentiments surround Cardano’s cryptocurrency ADA, which advises exercising caution before engaging in any trading activities.
ADA’s 24-hour trading volume has also decreased to $300 million over the past twenty-four hours. Most investors are avoiding Cardano due to its lackluster rally in the days preceding the Bitcoin halving. A bull run occurred in the cryptocurrency market during the Bitcoin halving, which caused altcoins to reach new highs.
Except for Ripple’s XRP and Cardano’s ADA, which surged by a meager 5% to 10%, the remaining cryptocurrencies withdrew their gains a week later. Investors are currently more optimistic about cryptocurrencies besides ADA and XRP.