Cardano (ADA), the eighth-largest crypto by market cap, appears to be grabbing crypto enthusiasts’ attention following a couple of impressive performances this year.
According to ADA’s statistics on CoinGecko, a notable cryptocurrency tracker, the crypto asset recorded bullish increases across various timeframes.
Compared to what was obtainable as ADA’s selling price in the previous month and year, the digital asset recorded increments of about 30.2% and 21.9%, respectively.
Read Also: Based On Bitcoin Halving and A Key Factor, Analyst Predicts 2,700% Cardano (ADA) Rally To $11
The above indicates that ADA might be all set for exponential growth in the long run. With 2023 almost elapsing, crypto enthusiasts think that 2024 would be the year for an explosive spike in Cardano (ADA) price.
While we are not in the best position to fault the above belief, we have deemed it fit to inquire from ChatGPT what it thinks about Cardano in 2024.
For context, ChatGPT is an artificial intelligence chatbot whose relevance seems to have grown over the years with vast applications in several fields of endeavor, including the nascent crypto sphere.
ChatGPT acknowledged how tricky it could be to predict Cardano (ADA) price movement in 2024. However, the Artificial Intelligence model didn’t fail to highlight some contributing factors that could aid in the token price expansion. It also spotlighted some factors which could hinder the crypto asset price growth.
The chatbot highlighted market demand, increased adoption rate, improved technological advancement, and overall market sentiments as crucial to ADA’s price growth.
On the other hand, ChatGPT noted that factors like a highly competitive landscape, unfavorable regulatory changes, and technological mishaps could spew doom for ADA’s future.
The chatbot noted that the above factors would tilt investors’ confidence away from the token, making them look elsewhere.
In conclusion, ChatGPT noted that while Cardano seemed to boost the potential for explosive growth in 2024, there is no guarantee of such happening.
The chatbot encouraged deep research and consultation of diverse insights before making an investment decision.
Read Also: SEC Sues Kraken, Calls Cardano (ADA) and Solana (SOL) Securities, XRP Not Included
At the time of writing, ADA is priced at about $0.385, reflecting a decline of 1.7% in the past 24 hours. The crypto asset boasts a market capitalization of $13,482,210,724 with a trading volume of $235,550,032.
Meanwhile, ADA recently broke above the resistance level at $0.4. However, the breakthrough was transient, and the token has retraced to its current standings.
Intriguingly, market watchers seem to assert that the above breakthrough might pave the way for remarkable price expansion.
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