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Cardano has increased the demand for its native asset ADA by expanding the decentralized finance (DeFi) ecosystem in recent years. However, Cardano faces tough competition in the continuously growing cryptocurrency market with innovative Web3 solutions. In search of predictions for ADA’s future, the AI model Grok, developed by X’s subsidiary xAI (formerly known as Twitter), was consulted, and the artificial intelligence chatbot made interesting forecasts for the altcoin.
Grok’s Price Prediction for ADA
Grok predicts that the price of ADA will trade between $1.20 and $1.60 by the end of 2024. This corresponds to a steady growth of 130% to 207% for ADA, which is currently trading around $0.50. Grok attached a note to this forecast stating, “The most likely price range is a result of the increasing adoption potential, the growth of the DeFi sector, and the overall recovery of the cryptocurrency market.”
Moreover, Grok predicts that in the best-case scenario, the price of ADA could reach $2.02, which corresponds to an increase of 288% from current prices. On the other hand, the artificial intelligence model points to $0.35 as the lowest price target for Cardano in 2024, stating, “This downside outlook is based on the potential for increased market competition, regulatory challenges, and unforeseen technical issues. If there is a downturn in the cryptocurrency market or if Cardano encounters significant problems, the price could fall below the $0.52 level and retract to $0.35.”
At this point, it is important to emphasize that although Grok is considered an advanced artificial intelligence model, it is still prone to making mistakes. This means that the price targets provided are not guaranteed to be achieved.
Cardano Price Analysis
A technical look at Cardano’s ADA shows an Ascending Triangle Formation on the chart, and after the price fell below the formation’s significant support line, it is trading in a downtrend. This current trend support, which coincides with the price prediction (0.35 dollars) presented by Grok in a downtrend, indicates an extremely negative outlook for the altcoin.
According to data provided by CoinMarketCap, ADA is trading at $0.4931, down 4.66% in the last 24 hours. The data shows that the altcoin has risen 4.12% in the last 7 days, but has fallen 17.80% in the last 30 days.
