Cardano price seems to be turning the corner after plunging to the multi-week low of $0.50. It has rallied by almost 30% from its monthly low, raising optimism that the bullish trend will continue. This article explores how and when to expect a $10k or $15k investment in ADA surge to grow to $1 million.
How High Cardano Price Should Rise to Convert $10K and $15K into $1 Million
The crypto market has been one of the best places for people to 100x their money. For example, the initial Cardano price was $0.02 in 2017. A $1,000 invested in ADA at the time would have received 50,000 coins, which would be valued at $32,000. Similarly, $10,000 invested in Bitcoin in 2011 would now be worth over $80,000.
Therefore, it is possible to turn $10k or $15k into $1 million. For this to happen, one needs to calculate the number of ADA coins you can buy with $10k or $15. With Cardano trading at $0.645, it means that a $10k investment would receive over 15,000 and 23,300 coins.
Therefore, for these tokens to grow to $1 million, each Cardano coin needs to rise to between $42 and $65. That implies an ADA price surge of between 6,410% and 9,960% from the current level. Such a move would bring Cardano’s market cap to between $1.84 trillion and $2.86 trillion.
As such, the question is whether the Cardano price can surge from the current $0.645 and get to these target prices.
As Bitcoin and other coins have shown, it is possible for a coin to surge by this range. However, the coin needs major catalysts for this to happen. For example, it needs the broader crypto market to be in a strong bull run and Cardano’s ecosystem to thrive. The latter point is important since Cardano is widely seen as a ghost chain because its ecosystem has no major applications. It also needs an ADA ETF approval by the SEC.
As for when, it is not possible to predict when Cardano price will get to $40. What is clear, however, is that such a forecast will take a long time to happen.
ADA Price Technical Analysis: Short-Term Forecast
Now that the price of Cardano will take time to get to $42, it is wise to consider the short-term targets. The daily chart shows that Cardano has formed a giant double-bottom pattern at $0.50. A double bottom is one of the most popular bullish reversal patterns since it signals that bears are afraid of shorting below the price.
The neckline of this pattern is at $1.171, which is about 80% above the current level. However, a drop below the double-bottom point at $0.50 will invalidate the bullish ADA price outlook, and point to more downside, potentially to last year’s low of $0.278, which is about 57% below the current level.
The post How High Should Cardano Price Go for a $10K-$15K Investment to Get to $1M? appeared first on CoinGape.
