Cardano (ADA): Price Forecast for January 2024

• Cryptocurrency Market Experiences Minor Correction
• Cardano (ADA) Price Predictions for January 2024
• CoinCodex's View on Cardano
• Cardano's Performance and Future Prospects

Cryptocurrency Market Experiences Minor Correction

The digital currency world is currently in a minor corrective phase. Bitcoin$42,260 -0.64% (BTC), the leading player in terms of market capitalization, has seen a 0.9% decline on its daily charts. However, Cardano (ADA), another significant player, has experienced a 2.4% drop in the last day. Despite this drop, the ninth-largest cryptocurrency by market capitalization has seen over a 49% increase in its monthly charts and a staggering 140% rise since January 2023.

Cardano (ADA) Price Predictions for January 2024

Based on projections from Changelly, the price of ADA may decline to $0.57 by the conclusion of the first week of January, which amounts to a 6.5% drop from its current levels. However, Changelly also envisages ADA recovering momentum and reaching a price of $0.65 by the final week of January, indicating a 6.5% increase from current levels.

CoinCodex's View on Cardano

Contrarily, CoinCodex predicts that Cardano (ADA) will maintain a trading range of approximately $0.60-$0.61 for the initial week of January, followed by a minor correction. Tellingly, CoinCodex also expects ADA to rally towards the end of January, striking a price of $0.67 by January 18, 2023, marking a 9.8% rise from current levels.

Cardano's Performance and Future Prospects

Cardano's performance throughout most of 2023 was somewhat underwhelming. However, the digital asset began to gain traction towards the year's end, particularly from October onwards. If a bull market ensues, driven by a BTC Exchange Traded Fund (ETF) and BTC's halving event, ADA's price could surge to new heights. Currently, the asset is down over 80% from its record high of $3.09 achieved in September 2021, over two years back. As a heavily developmental project, ADA could potentially fortify its rally even further.

Edited by Jonathan Stoker