The native token ADA of leading cryptocurrency Cardano is currently trading around $0.44 on Wednesday. ADA remains largely in the background this month as it lost nearly 13% over the past 14 days. The altcoin has also lost almost 25% of its value in a month, making investors nervous about its prospects.
With Cardano's ADA being bearish, could the tides turn and lead to favorable conditions for the cryptocurrency? In this article, we will highlight how high or low the leading altcoin could be trading at the end of May 2024.
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Cardano: ADA price forecast for May 31
Leading company for statistics and price predictions in the chain CoinCodex has painted a neutral picture for Cardano's ADA. According to the forecast, the cryptocurrency could rise by up to $0.46 by the end of the month on May 31, 2024. That's an increase and a return on investment (ROI) of about 5% from the current price level of $0.44.
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Therefore, an investment of $1,000 could turn into $1,050 if the prediction turns out to be accurate. Nevertheless, returns are meager and trading platforms would reduce their fees, leading to lower profits for investors. It is advisable to remain cautious before trading Cardano's cryptocurrency ADA this month as it attracts bearish sentiments.
24-hour trading volume for ADA is also declining, with only $300 million in the last 24 hours. Investors tend to stay away from Cardano as it was unable to rise sharply even in the days leading up to Bitcoin's halving. The cryptocurrency market experienced a bull run at the time of Bitcoin's halving, sending altcoins to new highs.
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Only Cardano's ADA and Ripple's Investors are now seeing gains in cryptocurrencies other than ADA and XRP.