Cardano (ADA) has struggled over the last few years. The asset has failed to gain momentum since the 2021 bull run. ADA has not traded above the $2 mark since November 2021. The asset is down 0.5% in the daily charts, 4.5% in the weekly charts, and 14.3% in the 14-day charts. Despite the dip, the asset has maintained gains in the monthly and yearly charts, rallying 13.3% and 89.4%, respectively.
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Cardano Loses Momentum
ADA has failed to gain momentum since the 2021 bull run. The asset breached the $1 mark
in November 2024 for the first time in nearly two-and-a-half years.
ADA’s struggles could be due to low investor sentiment over the last few years. The latest dip is likely due to macroeconomic factors. The US dollar is gaining strength, and investors are moving away to safer assets.
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The Federal Reserve has announced two rate decreases this year rather than three. Crypto investors might have been alarmed by the action.
Will The Asset Breach $2 Soon?
According to CoinCodex, Cardano (ADA) will break into a rally over the next few months. The platform anticipates ADA will breach the $2 mark very soon. CoinCodex predicts ADA to hit $2.47 on April 15. Hitting $2.47 from current price levels will translate to a rally of about 162%.
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There is also a possibility that ADA will not rally over the next few days. The Federal Reserve has paused interest rates recently. This may boost investor sentiment. The Fed is yet to announce its next rate cut. If the Fed does not introduce a rate cut soon, the crypto market may stagnate. In such a scenario, ADA may not hit the $2 mark.
