Cardano (ADA) has grown its decentralized finance (DeFi) ecosystem in recent years, increasing the demand for its native token. Still, Cardano faces challenging competition with innovative Web3 solutions in an ever-growing cryptocurrency landscape.
Looking for insights on ADA’s future, Finbold turned to Grok, an artificial intelligence (AI) model developed by X’s subsidiary, xAI. Notably, Grok thrives in AI by gathering real-time data from posts on its social network X (formerly Twitter).
Therefore, it provides value outputs based on an up-to-date overall market sentiment. For example, Elon Musk’s Grok AI named an ideal crypto for payments on X in December 2023.
In this context, we asked Grok for the most likely price range Cardano will trade by the end of 2024. Additionally, our prompt requested the AI to provide the most bullish and bearish outlooks.
Cardano price analysis and Grok AI’s forecasts
According to Grok, ADA should trade in a range between $1.20 and $1.60 by the end of 2024. This would result in a steady growth of 130% to 207% from Cardano’s current price of $0.52 per token.
“The most likely price range is a result of the potential for increased adoption, the growth of the DeFi sector, and the overall recovery of the cryptocurrency market.”
– Grok
In the meantime, Grok forecasts ADA at $2.02 in the best-case scenario. However, the AI mentioned positive expectations related to Goguen, which was activated in September 2021. This is evidence that Grok can make mistakes and sometimes output outdated information.
On the other hand, Grok mentioned $0.35 as its bearish price target for Cardano in 2024.
“This bearish outlook is based on the potential for increased competition in the market, regulatory challenges, and unforeseen technical issues.
If the cryptocurrency market experiences a downturn or if Cardano faces significant setbacks, the price could drop below the current price of $0.52 and reach the bearish outlook of $0.35.”
– Grok
Moreover, ADA is trading on a downtrend after losing important support from an ascending triangle. This current trend support lies around Grok’s bearish price prediction, which strengthens both analyses.
In summary, Grok is still prone to mistakes despite being considered an advanced AI model. Thus, investors must take its price predictions cautiously and do their own research before making relevant financial decisions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/grok-ai-predicts-cardano-price-for-the-end-of-2024/