Leading cryptocurrency exchange CoinW sets an ambitious target for Cardano (ADA), projecting that the top altcoin could set a new all-time high at $5.
CoinW issued the prediction in a recent X post, asking its 423,200 followers to forecast which major cryptocurrency will first reach different projected price targets.
CoinW’s Projected Targets for Top Cryptos
According to the post, CoinW enquired about which price milestone will first materialize, including Bitcoin (BTC) hitting the highly anticipated $100,000 target, Ethereum (ETH) attaining an ambitious level of $10,000, or Cardano (ADA) surging to a whopping $5.
The exchange also set massive targets for several top altcoins like Solana (SOL) to $250, Shiba Inu (SHIB) to $1, XRP (XRP) to $1, and Avalanche (AVAX) to $100, among others.
Expectedly, the crypto community flocked to the comment section to deliberate on the possibility of these assets reaching the projected targets.
Cardano to Soar 1,265% to $5
In particular, Cardano’s potential surge to $5 ignited conversation among crypto enthusiasts. This rise would mark a new all-time high (ATH) for the asset.
Data from CoinMarketCap shows that Cardano’s previous ATH was set on September 2, 2021, when ADA’s price hit $3.10. With ADA currently priced at $0.3663, the token is down 88.18% from its previous ATH.
To hit CoinW’s projected target of $5, ADA must increase 1,265% from its current price of $0.3663.
$5 Predictions for Cardano
Before CoinW’s speculation, several analysts had projected that ADA could hit $5 in the bull phase of the 2024/2025 market cycle.
Specifically, popular chartist Ali Martinez forecasted that Cardano could soar to $5 before the end of this year. Martinez stated that Cardano’s performance this year mirrors those observed between 2018 and 2021 when the asset first consolidated in the range of $0.025 to $0.1 before eventually skyrocketing to $3.10.
Notably, the chartist asserted that Cardano could replicate a similar performance this year and potentially surge to $5.
Furthermore, analysts at crypto trading firm Changelly projected that Cardano could reach the $5 target by May 2031. The experts set a target of $5.15 as Cardano’s maximum price for May 2031.
It bears mentioning that this analysis is based on Cardano’s recent performance. Hence, it is important to note that Changelly would update the prediction, especially the timeframe, as Cardano’s performance sees significant changes.
At the current price of $0.3663, Cardano is up 3.02% in the past 24 hours and 8.24% in the weekly chart. This rally elevated Cardano to become the 10th biggest cryptocurrency by market cap, as the asset outpaced Tron (TRX).
At press time, while Cardano’s valuation is $13.15 billion, TRX’s market cap is $13.01 billion.
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Source: https://thecryptobasic.com/2024/08/22/top-exchange-predicts-cardano-to-rise-1265-to-5/?utm_source=rss&utm_medium=rss&utm_campaign=top-exchange-predicts-cardano-to-rise-1265-to-5