As times have been rough for the price of Cardano (ADA), which is recording losses on all of its observed charts, a popular artificial intelligence (AI) model has provided insights that reveal when the currently 10th-largest cryptocurrency by market capitalization could hit $1.
Indeed, Cardano has been facing intense selling pressure regardless of positive developments like its foundation signing a partnership with the government of Entre Ríos province in Argentina to enhance blockchain adoption and improve crypto infrastructure in the region.
Cardano price prediction
Hence, Finbold has asked the most recent and advanced AI model of OpenAI brainchild ChatGPT, called ChatGPT-4o, to analyze available information and offer insights into when Cardano could achieve the price of $1, to which the chatbot offered two scenarios.
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Specifically, according to its optimistic scenario, “ADA could reach $1 by mid to late 2024, as suggested by various technical indicators and market analysis.” On the other hand, ChatGPT-4o has placed a conservative date target at 2025, “taking into account more moderate growth projections and expert opinions.”
“In past growth phases, ADA experienced substantial price surges. For example, ADA’s price rose from around $0.25 at the start of 2023 to approximately $0.45 in April 2023 due to bullish news. (…) A current bullish divergence, according to some technical analysis, might push ADA’s price higher in short to mid-term.”
Among the factors having an impact on Cardano’s price, the AI model has singled out the flagship decentralized finance (DeFi) asset and the largest asset in the crypto sphere by market capitalization – Bitcoin (BTC) – and its halving cycles, explaining that:
“Major events in the market, such as Bitcoin halving cycles, often lead to bullish phases that include ADA. For instance, the 2020 Bitcoin halving contributed to ADA reaching new highs in 2021.”
Next, ChatGPT focused on the growth of the Cardano network, pointing out it had gone through several important upgrades, like the “Shelley and Alonzo phases, which introduced staking and smart contracts respectively,” and “had notable impacts on ADA’s price.”
Cardano price analysis
For the time being, Cardano is changing hands at the price of $0.42297, which represents a decline of 1.49% in the last 24 hours, as well as a 13.42% drop across the previous seven days and an accumulated loss of 4.40% on its monthly chart, according to the latest data on June 14.
Interestingly, pseudonymous crypto analyst Sssebi has recently projected that Cardano hitting the price of $2 in August was “highly likely,” citing progress on the upcoming node upgrade in June and Chang hard fork going live once all the nodes go through necessary updates.
All things considered, Cardano could hit the price of $1 in the time frame suggested by the generative AI model or even more, even sooner, if the above crypto expert is correct. However, things in the crypto sector can sometimes change on a whim, so doing one’s own research is critical.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
