Despite increased price volatility in the cryptocurrency market, the Cardano (ADA) price has continued hovering close to its crucial support level of $0.330 since August. This highlights a rising disinterest of investors in this project.
Will the Upcoming Cardano Summit 2024 act as a source of medium for the breakout rally of ADA tokens? In this article, we have covered the market sentiment and possible short-term price targets of the 11th largest crypto token by market capitalization.
ADA Coin Price Records Reduced Price Action!
The Cardano price has dropped ~2% in the past 24 hours but has added 3.98% over the past week. Moreover, with a monthly gain of 7.09%, it is currently trading at a discount of 40.07% from its price tag of $0.6021 which was recorded on 1st January.
The Moving Average Convergence Divergence (MACD) records a constant decline in the red histogram. Further, with its averages hinting at a potential bullish convergence, the ADA price indicates a potential bullish reversal during the upcoming time.
On the other hand, the SMA indicator records a bullish curve by constantly supporting the price chart in the 1D time frame. This highlights an unstable price action for the 11th largest cryptocurrency this week.
What Is The Prediction For Cardano In 2024?
If the market favors the bulls during the final leg of the financial year, the ADA price could potentially retest its resistance level of $0.4075. Moreover, if the bullish sentiment sustains, the Cardano token could head toward its major resistance zone of $0.50.
On the negative side, if the bears dominate the crypto space or the project experiences a setback, this could result in the ADA crypto plunging toward its crucial support trendline of $0.33 in the coming time.
Wondering when will ADA coin hit $1? Read our Cardano (ADA) Price Prediction 2024 – 2030
Source: https://coinpedia.org/price-analysis/will-cardano-summit-2024-act-as-a-catalyst-in-the-ada-price-rally/