Cardano Price Prediction June 2024- ADA To Reach $3?

As selling pressure mounts, the crypto market sees significant fluctuations weekly. The crash has dampened Bitcoin Halving expectations, making it hard for altcoins to surpass supply challenges. Furthermore, with minimal anticipation, leading coins like Cardano are experiencing substantial supply inflows. Let's take a look at this Cardano price prediction for June 2024 article in more detail. 

How has the Cardano (ADA) Price Moved Recently?

Cardano's current price is $0.44963, with a 24-hour trading volume of $509.05 million and a market cap of $16.05 billion, giving it a market dominance of 0.63%. In the past 24 hours, ADA's price has risen by 2.13%.

Cardano hit its peak price of $3.10 on September 2, 2021, and its lowest price of $0.017354 on October 1, 2017. The lowest price since that peak was $0.234392, while the highest price since that low was $0.806108. Presently, market sentiment for Cardano is bearish, even though the Fear & Greed Index reads 72 (Greed).

There are currently 35.69 billion ADA in circulation out of a maximum supply of 45 billion ADA. The annual supply inflation rate is 5.53%, meaning 1.87 billion ADA were created in the past year.

Will Cardano reach $3 in June 2024?

Cardano's price has plunged 51% from its 2024 peak of $0.810, reaching a low of $0.396 on April 13. Since then, ADA has been hovering above the $0.426 support level, forming three consecutive lower highs. This pattern, known as an ascending triangle, indicates a potential 17% drop to $0.351. This target is calculated by measuring the distance from the first swing high to the swing low and applying it to the breakout point at $0.426.

The Relative Strength Index (RSI) failed to surpass the 50 mark, reinforcing the bearish outlook. Therefore, Cardano's price is likely to maintain its downward trend following the 51% crash. However, ADA may stabilize around $0.392 before possibly declining further to the projected $0.351.

Based on the recent performance and technical analysis of Cardano (ADA), it is highly unlikely that the price will reach $3 this month. After crashing 51% from its 2024 high of $0.810 and currently consolidating around $0.426, ADA is in a bearish trend, with the formation of an ascending triangle suggesting a further drop to $0.351. The Relative Strength Index (RSI) failing to clear 50 and the prevailing market sentiment being bearish further support the expectation of continued downward momentum. Without a significant positive catalyst, ADA is unlikely to break through the current resistance levels and reach $1 in the near term.

How high will Cardano go?

Over the past year, ADA has seen a 72% price increase, demonstrating strong performance and high liquidity due to its substantial market cap. However, this performance is overshadowed by the fact that ADA has been outperformed by 69% of the top 100 crypto assets and notably by both Bitcoin and Ethereum. This relative underperformance suggests that ADA has not been a leading asset in the broader crypto market.

Furthermore, ADA is currently trading below its 200-day simple moving average, indicating a long-term bearish trend. With only 12 green days in the past 30 days (40%), short-term momentum is also weak. The price is still down 85% from its all-time high, highlighting significant previous losses and challenging any immediate recovery to previous peaks. Additionally, the yearly inflation rate of 5.53% means that the supply of ADA is increasing, which can exert downward pressure on the price unless demand grows proportionately.

Given these factors, ADA's price is unlikely to experience dramatic increases in the immediate future. While high liquidity and past annual gains are positive, the asset's underperformance relative to peers, bearish technical indicators, and significant supply inflation suggest limited upside potential. Therefore, while ADA may see some recovery and potential upward movement, it is unlikely to reach its all-time high or see a substantial surge beyond modest gains without a significant change in market dynamics or a major positive catalyst.

How to Buy Cardano (ADA)?

Purchasing ADA is simple and can be done on various cryptocurrency exchanges. Here's a step-by-step guide to get you started:

1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports ADA, such as Bitget.
2. Create an Account: Register for an account on the chosen exchange. You will need to verify your identity by providing personal information and necessary documents.
3. Deposit Funds: Add funds to your account. Most exchanges accept deposits in fiat currencies (like USD or EUR) or other cryptocurrencies.
4. Buy Bitcoin: Go to the trading section of the exchange, find the ADA trading pair (e.g., ADA/USD), and place your buy order. You can either buy at the current market price or set a limit order at your desired price.
5. Secure Your Bitcoin: After purchasing, transfer your ADA to a secure wallet.