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Crypto community bets Cardano price to hit $2.4 (up 80%) by December 31

Crypto community bets Cardano price to hit $2.4 (up 80%) by December 31
Jordan
Major
10 months ago
3 mins read

The price of Cardano (ADA) is expected to trade around $2.40 by the end of December, according to the latest predictions of the CoinMarketCap crypto community.

Crypto data statistics platform CoinMarketCap’s ‘Price Estimates’ tool allows users to make price predictions for the next six months and see what other people think about them in real-time.

Notably, the crypto community’s social Cardano price forecasts indicate a median price of $2,402 on December 30, 2021, which is a $1.08 (or 82.41%) increase from the current ADA price of $1,32. At the time of publication, 82,530 individuals have voted to arrive at an estimate of the median price. Whatsmore, the price is expected to rise into next year at $2.46, predicted for January with 55,856 votes.

Social Cardano Price Estimates December, January, February. Source: CoinMarketCap.com

Crypto trading analysts predictions

Interestingly, alongside the crypto community leading cryptocurrency analysts have also predicted that Cardano may rebound soon.

Prominent crypto trading analyst Michael van de Popple believes that there is significant upside potential for ADA, with a possible scenario in play for the asset if Cardano is able to break above prior support levels at $1.46 and $1.78 he stated.

“In order to become bullish, we have to flip a few levels of importance here. We want to break through previous support levels and make them support once again.”

He added: 

“If you want to enter a certain asset, you have to enter when nobody has an interest or when most of the people do not like the asset. That is how markets work. I think with Cardano; it is in that zone. So yes, it is in an area where you should be getting interested.”

While on BTC/USDT chart, he outlined 1997 satoshis as the next level of support if current support is lost.

BTC/ADA chart.Source: Michael van de Poppe

Nevertheless, Cardano is currently trading at $1.32, down 6.35% in the last 24 hours and 17.19% over the previous week, with a market cap of $43.2 billion, a long way from its last all-time high of $2.96 on September 3.

Cardano 1-week price chart. Source: CoinMarketCap.com

The problem for the world’s biggest proof-of-stake (PoS) blockchain is that the declining price of Bitcoin (BTC) is negatively affecting it and many of the other leading cryptocurrencies. 

Despite its falling price, the coin officially exceeded the milestone of 20 million transactions. This was accomplished without a single day of outage on the Cardano network.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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