- Host of the Cheeky Crypto YouTube channel predicts ADA could hit 74 to 84 cents once the market recovers.
- The analyst said another big correction could follow the bullish rally.
- Nick estimates the expected Fed interest rate cut will boost capital inflow into ADA.
Nick, a prominent crypto analyst and host of the Cheeky Crypto YouTube channel, has predicted that Cardano (ADA) could possibly hit a bullish surge to new highs once the selling pressure in the market cools.
In a video posted on YouTube, Nick argued that the recent steep fall in ADA’s price could continue for a while. The analyst said the decline in ADA’s value presents a good buying opportunity for crypto investors before another surge to the upside.
Nick estimates that ADA will see a bullish recovery alongside a rally in Bitcoin’s price. On how high the token will go, the analyst predicts a rise to the 74 to 84 cents range. At press time, ADA was selling for 45 cents apiece.
However, Nick explained that the expected recovery in ADA’s price will be a short-lived rally before a bigger correction. He predicts in the video that the correction will send the token’s price to a lower low than current levels.
Specifically, the analyst estimates that ADA could fall as low as 30 to 35 cents. While the fall would shed the profit ADA recently gained, the analyst said it presents an area of great accumulation for Cardano investors.
Meanwhile, Nick said ADA will benefit from the anticipated Federal Reserve interest rate cut this year. According to Nick, a rate cut in the Q3 and Q4 of 2024 will help ADA see massive capital inflow. However, should the Fed’s pivot not happen as planned, then the token may see another big correction.
Elsewhere, Nick believes the predicted price action for Cardano will help reinstate the network as a major player in the ecosystem. At the same time, the analyst said the bullish rally will counter widespread negative narratives about Cardano.
Turning to CoinMarketCap, data shows ADA has declined by 6.88% in the past 24 hours. Over the past seven days, investors have seen their ADA tokens lose 14% of their value. This drop follows a selling pressure precipitated by a fall in Bitcoin’s price in the past few days.
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