Cardano ADA

Cardano (ADA) Struggles Amid Market Correction: Will ADA Hit $1.64 by April 2024?

Cardano (ADA) has seen a significant decline in recent weeks, as it continues its downward trajectory amidst a broader market correction. The cryptocurrency is currently down 0.3% in daily charts, 21.2% in weekly charts, and 25.6% in the past 14 days. Over the last month, ADA has dropped by 31.8%. However, despite these short-term losses, Cardano has maintained positive yearly gains, having risen nearly 50% since February 2024.

Why is Cardano Falling?

The latest correction in Cardano’s price follows Bitcoin’s (BTC) dip to sub-$93,000 levels on Monday. This downturn was likely triggered by President Trump’s decision to impose new tariffs on Canada and Mexico, a move that sent shockwaves through the financial markets. Adding to the uncertainty, the Federal Reserve has yet to announce any interest rate cuts, maintaining a hawkish stance that has further dampened investor sentiment.

Bitcoin did manage to rebound above the $100,000 mark on Tuesday after the Trump administration paused the tariffs for 30 days. Cardano followed suit, making a modest recovery in response to BTC’s rally. However, with Bitcoin dipping below $98,000 again today, ADA’s price is once again reflecting the broader market pessimism.

Will ADA Hit $1.64?

Despite its recent struggles, there is optimism surrounding Cardano’s potential. According to CoinCodex, Cardano is expected to rally over the next few months, with a price target of $1.64 by April 16, which would represent a significant 118% increase from its current price. ADA last traded above the $1.60 mark in November 2021, making this target an important milestone for the cryptocurrency.

ADA price prediction
Source: CoinCodex

Similarly, Changelly anticipates a price rise, predicting ADA could hit $1.50 by March 4, translating to a 102.7% rally. However, the possibility of further dips remains, especially if tariffs return or the market faces another correction.

Also Read: Cardano Whales Scale Back as ADA Faces Growing Bearish Sentiment

The coming weeks will be crucial for ADA’s performance, and how the market responds to these factors will likely shape its trajectory through April and beyond.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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