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Cardano price is expected to reach $40 later according to crypto analysts
Cardano, the tenth largest cryptocurrency on the market, has failed to meet investor expectations with its continuous declines. It is currently at the lowest levels in the months following the market’s bearish trend. But it is difficult to call it the only moment of decline in the ADA’s career, as Cardano price it is 87% away from the best value of $3.10, set three years ago. At the time of writing, Cardano is trading at $0.3783, having fallen 17.6% over the month, its lowest point this year.
However, things are about to change as Fiery Trading, a crypto analyst, has predicted a roadmap for Cardano price rising to $40.
Fiery predicts a meteoric rise in Cardano price to $40
Fiery Trading recently published its findings on the possibility of Cardano price rising to $40. According to its findings, if Cardano continues to move in the same channel, it could reach the $40 target, but there is a catch . While the cryptocurrency market is losing its battle with the bears, such a huge goal is achievable when the rising market start.
He also emphasized that the current moment is the best entry for the best gains in the future, as the value is really low. However, Fiery acknowledged that the target is in unimaginable ranges, but said that it is worth the risk. If ADA follows this prediction, the target would be 13 times the all-time high of $3.10, which seems beyond the expectations of the investor.
What would happen if this price prediction came true?
Cardano is in the midst of a crisis and expecting a rise to $40 will push this cryptocurrency into a much better position than this. It has a total supply of 36,994,116,265 and 79% of the total supply is in circulation. With a circulating supply of 35,747,821,221 ADA, Cardano’s market capitalization is $13,520,951,980. If the ADA price became $40 instead of the current price of $0.3783, the market capitalization would become $1.42 trillion, flipping Bitcoin
whose market capitalization is $1.2 trillion.
If an investor purchases $100 worth of ADA today, they will receive 264.34 ADA tokens. Once the price reaches $40, it will turn into $10,573, making profits of $10,473.6. Similarly, if $1000 worth of tokens are purchased, the investor will receive 2643.4 ADA tokens, making a profit of $104,736.1.
Analysts are divided on the future price of Cardano
Another crypto analyst, Swallow Premium, has a different prediction than Fiery. According to his analysis, Cardano has just surpassed the liquidity zone of $0.40 and runs the strong risk of falling to $0.24 in the next few days or weeks.
Another Crypto analyst, Sebastian, predicted that Cardano price will rise now as it has already hit the bottom. According to his prediction, there is a high possibility of recovery for Cardano as well as the market in general. Based on this, the market will move towards higher lows and higher highs.
Although analysts are looking to the future, the current situation speaks of decline. All technical indicators, including MACD(12,26), STOCH(9,6) and Bull/Bear Power(13), highlight the increase in sales of this altcoin. In addition, the moving averages at all intervals from 5 to 200 are in the selling zone.
Furthermore, the Relative Strength Index (RSI) is 34,757, indicating the predominance of sellers. With this, Cardano price may continue to decline until the trends reverse as the market recovers.
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