Cardano (ADA) closes the first month of the year with a significant drop of approximately 13%. ADA price has experienced mostly bearish returns during the months of February in previous years. Various analysts and AI shared their Cardano price predictions for February 2024: Bullish or bearish trend?
The Cardano price (ADA) started 2024 with great expectations after registering a significant increase of 58% in December last year. However, in January, the token has experienced a significant correction: What awaits the cryptocurrency in the month of January 2024?
At the beginning of January of the new year, the Cardano price was trading at around $0.6310. Most recently, ADA is trading at $0.5187, thus experiencing a 13% drop throughout the month.
Significant Increase of 60% in December 2023
When analyzing CryptoRank data, since 2018, the ADA price has experienced mostly bearish returns during the months of February.
In 2018, 2020, and 2022 and 2023, ADA experienced drops of 39.4%, 11.8%, 9.05%, and 9.95%, respectively. In contrast, for only two years (2019 and 2021), the price of Cardano’s native token experienced one month in the black. The last time ADA closed January higher was three years ago, after a dizzying rise of almost 280%.
Cardano (ADA): Ecosystem Retrospective
The ADA price accumulates a significant drop of 13% throughout January. However, the token has shown signs of recovery following a considerable 11% rally over the past week, according to data from CoinGecko.
Despite Cardano’s unstable price performance, the network has seen notable achievements. First of all, a media outlet recently reported that, in terms of smart contracts, the “scientific blockchain” had registered a significant increase of 67% during the month of January
Secondly, the analysis company Santiment highlighted Cardano’s leadership in terms of development activity on GitHub during the last 30 days on January 22, after surpassing Polkadot (DOT) and Kusama (KSM).
However, Cardano’s TVL has fallen to $353 million after reaching an all-time high of $444 million in December, according to data from DefiLlama. As a result, it dropped out of the top 10 blockchains with the highest TVL in DeFi, an achievement it had achieved in December.
Analysts Predict ADA Price for February 2024
Various traders and analysts have shared several ADA price predictions on X (formerly Twitter). For example, @WorldOfCharts1, shares a more bullish projection and does not rule out that ADA could overcome the $0.80 barrier.
Trader and analyst @Av_Sebastian also shared a sharp Cardano price prediction. He even noted that ADA could reach $2 before the end of the year.
Analyst and trader Benjamín Isaza shared some interesting projections, and emphasized that Cardano has tested the $0.46 level:
“In the ADA/USD pair, the descending triangle chart formation can be detailed, only the break above the level of $0.46 would confirm a bearish continuity, proposing $0.37 as a target. This would represent a 20% drop in the value of its price.”
He also states that, if this level is respected, it could present an upward impulse with a target of $0.59 (December 2023 highs).
What Artificial Intelligence Predicts
In addition to the predictions of analysts in the world of cryptocurrencies, Artificial Intelligence has also been present. Bard, Google’s AI chatbot, said:
“Predictions for February 2024 indicate that the price of ADA could range between $0.454 and $0.534, with an average price of $0.494.”
However, it is widely recognized, and highlighted by Bard, that the cryptocurrency market is very volatile and that no prediction is 100% accurate.
By Leonardo Perez
