If the price of Cardano (ADA) doubles every month, starting from $0.4488, then in a little over ten months it will reach the ambitious target of $500.
ADA has shown some strength recently this week, managing to return to the list of the top ten cryptocurrencies by market cap. Recall that Shiba Inu pushed Cardano to the 11th position on May 29.
Interestingly, during its recovery, Cardano eventually surpassed SHIB and Toncoin (TON) to become the ninth largest cryptocurrency by market cap.
Based on the current market cap of $16.03 billion, ADA’s price is $0.4488, with a daily drop of 1.03% and a weekly drop of 2.46%. Crypto Basic reported yesterday that Cardano’s current support level is around $0.427, with the coin expected to rise to $0.60.
Changelly Expert Expects ADA to Reach $500 by 2050
A potential move up to $0.60 is one of the most conservative price predictions ADA has seen in the near future. Multiple analysts predict that ADA could rise to $27 in the current market cycle.
It is worth noting that some organizations expect the ADA to reach even higher goals in the coming years. In particular, analysts at the cryptocurrency trading platform Changelly predict that the price of ADA may reach $500 in April 2050, that is, in 26 years.
To reach the $500 target, ADA would need to surge by 111,308% from its current level of $0.4488. While Changelly expects ADA to reach its ambitious price target of $500 within the next 26 years, it may achieve the feat sooner if its price doubles every month starting this month.
Crypto Basic conducted a hypothetical analysis to determine how long it would take Cardano to reach $500 if ADA doubled in price every month. According to our analysis, if ADA maintains this trend, it could reach $500 in less than a year.
Based on the current price of $0.4484, if the price of ADA doubles by the end of the month, the price of ADA will soar to $0.8968 by the end of June 2024. By July, if it follows the same trend, ADA’s price will double to $1.7936.
If this pattern continues, the price of ADA will be $3.5872, $7.1744, $14.3488, and $28.6976 in August, September, October, and November 2024, respectively. If this trend continues, Cardano will increase to $57.3952 by December 2024.
According to this scenario, prices would reach triple digits starting in January 2025. If Cardano continues to double in value, it will be traded at $114.7904 in the first month of 2025. After this, the coin will trade at $229.5808 in February 2025 and reach $459.1616 in March 2025.
If this trend continues, the price of ADA will surpass the $500 target in April 2025 and reach the figure of $918.3232 in the same month.
Basically, if the price of Cardano doubles every month, it will take more than ten months to reach the ambitious goal of $500.
A word of warning
It’s important to note that this is just a hypothetical scenario and there is no guarantee that ADA will reach its ambitious price target of $500 by April 2025, nor the 2050 timeline predicted by Changelly’s experts.
To have any chance of reaching the $500 target, Cardano needs to witness widespread and unparalleled acceptance from retail, large, and institutional investors, as well as increased development activity.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may reflect the personal opinions of the author and do not necessarily reflect the opinions of The Crypto Basic. Readers are encouraged to perform adequate research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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