Despite Cardano’s recent dip, ChatGPT-4o believes that certain factors could push the price of ADA to around $5 by the end of the year. Currently, Cardano (ADA) is recovering from a market downturn that dropped its price below $0.50.
As of now, ADA is trading at $0.4621, showing a small 24-hour increase of 0.43%. However, it is still down by 4% over the past week and 3.1% over the past month. Despite these declines, ChatGPT-4o, the latest improved version of OpenAI’s chatbot, has shared insights on the potential for ADA’s price to rise by year-end.
ChatGPT-4o’s Predictions for ADA by End of 2024
ChatGPT-4o offered two types of predictions for ADA by the end of 2024 and highlighted factors that could drive the asset’s surge.
The first prediction suggests that ADA could trade between $1 and $2 by the end of 2024. According to the chatbot, this range is achievable if the broader crypto market experiences consistent and moderate growth.
However, the AI tool increased this target to between $2 and $5 if Cardano and the broader crypto market see positive trends and developments. To reach these targets, ADA would need to rally at least 332% to hit $2 and 982% to reach $5 from its current price of $0.4621.
Key Factors Influencing ADA’s Potential Surge to $5 by Year-End
Notably, ChatGPT-4o highlighted several factors that could influence ADA’s potential surge to up to $5 by the end of the year. At the top of the list is the growing interest in ADA among whale investors.
According to ChatGPT-4o, higher demand from large investors serves as a bullish sentiment for the asset and could push the price to around the $5 region.
The AI chatbot also identified other potential factors that could drive ADA’s price to $5 this year, including increased developmental activities and institutional adoption of the asset.
IOG, the research and development arm of Cardano, has been making significant moves to enhance the network’s performance and security. As of May 17, the team revealed that it implemented critical upgrades to different aspects of Cardano, particularly in scaling.
Meanwhile, the chatbot urged ADA holders to look out for regulatory and economic changes that could positively impact the coin’s price.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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