Cardano’s native token ADA entered 2024 on the back foot as it dipped nearly 14% in the 14 days. ADA remains in the red for three consecutive days showing bearish signs in the charts. The leading altcoin has been on a downward trajectory displaying no signs of bullishness in the indices. The development is making investors stay cautious as taking an entry position now could lead to losses. However, can ADA brush off its losses and rally in the next two weeks? In this article, we will highlight how high or low Cardano’s ADA will trade by the end of January 2024.
Also Read: Oil Prices Dip After U.S. Dollar Strengthens
Cardano: ADA Price Prediction Mid-January 2024
Leading on-chain metrics and price prediction firm Changelly has painted a positive picture for Cardano’s native token ADA for the end of January 2024. According to the price prediction, Cardano’s ADA might reach a monthly high of $0.58 on January 31, 2024. That’s an uptick and a return on investment (ROI) of approximately 8.65%.
Also Read: BRICS: Investors Bet Indian Rupee Will Rise, US Dollar To Decline
ADA is currently hovering around the $0.53 mark on Wednesday. Therefore, an investment of $10,000 made today at $0.53 could yield $865 in profits if the price prediction turns accurate.
Also Read: Analysts Raise Warning on the Growing U.S. National Debt
Nonetheless, the cryptocurrency markets are known for their volatility and there is no guarantee that Cardano’s ADA could reach $0.58. The crisis in the Red Sea has put the global markets on a slippery slope and could head south if the tensions escalate. Therefore, it is advised to remain cautious at the moment before taking an entry position into Cardano’s ADA. The cryptocurrency market cuts both ways delivering severe losses to investors.
At press time, Cardano was trading at $0.53 and is down close to 0.5% in the 24-hours day trade. ADA is also down nearly 83% from its all-time high of $3.09, which it reached in September 2021.
