Cardano Price Prediction: Short-Term Gains vs. Long-Term Risks

The entire cryptocurrency market has experienced impressive growth in the last week. Almost all the top cryptos, including Cardano, have seen growth since the day of the US presidential election. The Cardano market has recorded a surge of 44.8% in the last seven days, and 6.5% over the last 24 hours. Evidently, the recent market performance of Cardano has thrilled its investors.

While the numbers are impressive, not everyone is convinced. Some experts caution against seeing Cardano as a long-term investment opportunity.

Crypto commentator Ben Armstrong, for instance, has shared some compelling insights into why Cardano may not be the safest bet despite its recent success. Let’s dive in.

Ben Armstrong’s ADA Prediction

On November 5, the ADA price was as low as $0.3266. On November 11, it touched a peak of $0.6130, marking an impressive increase of 87.69% in just seven days. Right now, the price stands at $0.6107 – slightly lower than the peak of November 11. 

Expressing his optimistic view about the short-term potential of Cardano, Armstrong asserted that the ADA price could reach as high as $5 during the current crypto bull cycle. Additionally, he projected the price range between $2.50 and $3.50 as a realistic target. 

The Competition Is Getting Tough

Highlighting the tough competition faced by Cardano from other platforms, Armstrong dismissed it as a ‘dying platform’. Ethereum and Solana have reported impressive performance lately. In the last 30-days, Ethereum has risen by 18.5%, and Solana by 37.8%. Importantly, Armstrong noted that Cardano may provide limited long-term returns compared to more lucrative projects like Render and ICP. In the last seven days, Render has climbed by 35.0%, and ICP by 6.0%. 

Cardano Market Overview

Cardano’s price has fluctuated significantly throughout 2024. It started the year at $0.6233, slightly higher than its current value, and dropped to a low of $0.4662 in January. Between late January and early March, the price steadily climbed, peaking at $0.7760 on March 11. However, by mid-April, it had fallen to $0.4442.

From April to early November, the market moved within a narrow range before breaking out with its recent rally. The surge started at $0.3266 on November 5, and the market has continued to gain momentum, rising by 3% in just the last hour.

Cardano’s recent performance has certainly sparked optimism among investors. However, Armstrong’s warnings about its long-term viability remind us of the importance of careful consideration. The crypto market remains highly unpredictable, and the competition among platforms is fiercer than ever.