The cryptocurrency market is facing a significant price correction following the recent market rally. Bitcoin (BTC) has hit a new all-time high, breaking through the $126,000 price level. However, the original cryptocurrency faced a price decline and fell to the $123,000 level. Cardano (ADA) is also following the overall market downtrend. According to CoinGecko data, ADA has fallen 3.5% in the past 24 hours, 0.6% in the last week, and 2.5% month-over-month. Despite the decline, ADA maintained some gains on the 14-day and yearly charts, rising 1% and 134.4%, respectively. In this price prediction article, we will discuss how Cardano (ADA) will perform in the coming weeks.
Cardano price prediction: $1.34 likely
It is likely that Cardano (ADA) will recover from the current price drop. October has historically been a bullish month for Bitcoin (BTC). A rise in BTC could lead to an overall market recovery.
Additionally, the Fed is likely to introduce another 25 basis point rate cut this month. Further rate cuts could lead to an overall market rally. If interest rates fall further, Cardano (ADA) could start to rise.
Not only that, the SEC may decide on several crypto-based spot ETFs this month. Positive developments in the ETF space could also trigger an overall market rally. Cardano price could benefit from such developments.
According to analysts at CoinCodex, Cardano (ADA) will recover and continue to rise over the coming months. The platform expects ADA to break through the $1 mark again on October 31st. Additionally, CoinCodex predicts that ADA will reach $1.34 on December 22nd of this year. A price of $1.34 would represent an increase of approximately 62.23% from the current price level.
However, the virtual currency market is subject to severe fluctuations. Macroeconomic conditions and trade wars may create unforeseen challenges. In such a situation, the price of Cardano (ADA) may fall.