Cardano’s native token ADA is trying its best to climb above the $1 mark this month but repeatedly failed to breach the target. Its price is hovering around the $0.69 mark on Monday and is down close to 3% in the charts. ADA went above $1 after Trump reclaimed the White House in November and shot up again after he was sworn in early mid-January. Its price dipped thereafter making the altcoin attract bearish sentiments in the indices.
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The leading altcoin’s price is down close to 30% in two weeks suggesting that ADA is under bearish traps. Investors fear taking an entry position as the altcoin is yet to bottom out in price. The broader market remains under pressure due to tariffs that are causing nervousness in the global financial sector. In this article, we will highlight if Cardano’s ADA can break the bearish cycle and rally in the charts.
Cardano: Will ADA Rise This Month?
Leading on-chain metrics and price prediction firm CoinCodex predicts a neutral picture for Cardano’s ADA. According to the price prediction, ADA could surge around 2% and reach a high of $0.70 by March end. That’s an increase of around 1 Cent in the next two weeks, the prediction states.
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Therefore, an investment of $1,000 in Cardano’s ADA could turn into $1,020 by March end if the forecast turns out to be accurate. The potential returns look minimal and it is not advised to take an entry position. Buying now and selling with 2% profits could eat up the revenue that is generated as exchange platforms charge more fees. Traders will be left with little to no profits after the trade is initiated.
Now that Cardano’s ADA is not the best investment, read here to know the cryptocurrencies that can deliver massive profits this month. Taking an entry position in these could be beneficial as the returns could be in double digits.
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