Will ADA reach $1 before 2024 Bitcoin halving?

• ADA might hit $1 before the Bitcoin halving, an analyst said.
• The price could jump above $0.60 within the next few days.

Cardano [ADA] could be set to hit $1 and possibly rise above it if the prediction by Crypto Capital Venture is anything to go by.

According to Dan Gamberdello, who hosts the sessions on YouTube, several technical indicators supported the prediction.

Using the 4-hour and weekly ADA/USD chart, the analyst noted that the Stoch RSI hitting the overbought and oversold region suggests that a significant shift was on the way.

For the unfamiliar, the Stoch RSI is a short form of the Stochastic Relative Strength Index (RSI). It is a technical analysis indicator used to support market prediction by comparing price ranges.

ADA could be ready to follow Bitcoin

Concerning the price, Gamberdello referred to November 2020. It was during this period that the Bitcoin [BTC] bull market began, and ADA also took off on an amazing upside.

In defending his forecast, the analyst noted that the Stoch RSI was at a similar point that led to the parabolic move.

Furthermore, the analyst mentioned that the Cardano rally might happen before the Bitcoin halving. Using the Stoch RSI historical position as backing, he said,

“This time around it’s happening before the Bitcoin halving. Last time around, it was after the halving.”

Recently, AMBCrypto discussed ADA’s price action. In the article, we opined how the value might reverse after it rallied to $0.56.

In another piece, on-chain and technical indicators suggested a move that could drive ADA to $0.68. At press time, the price of ADA was $0.58, indicating that the reversal only lasted a short period.

Up until the 13th of February, Active Addresses increased to 48,000. According to Santiment, that number had decreased to 36,300.

The Active Addresses metric shows the number of unique wallets interacting with a token. If Cardano’s active addresses continue to decrease, then ADA’s price might stall.

Source: Santiment

A rise to $1 is possible if…

If the metric recovers to the previous peak, a rally close to $1 might be possible. When it comes to development activity, Santiment showed that the metric plunged.

Previously, Cardano had topped other projects in terms of development.

So, the recent decrease implies that the project has not shipped out new features in recent times. While development activity can be a bullish indicator, it rarely affects prices.

From a technical perspective, ADA’s price might keep increasing. One reason for this prediction was because of the Supertrend.

At press time, the green segment of the Supertrend was below ADA’s value. This condition suggested that shorts might be liquidated if they don’t close existing positions.

On the other, the sell condition appears when the price crosses below the supertrend line.

AMBCrypto also checked out the Awesome Oscillator (AO). At press time, the AO reading was positive, suggesting increasing upward momentum.

Realistic or not, here’s ADA’s market cap in BTC terms

Likewise, the Relative Strength Index (RSI) also increased. As of this writing, the RSI was 68.09, indicating that buying momentum was solid.

Source: TradingView

Should buying pressure continue to increase, ADA might make a first stop at $0.68. If profit-taking does not overshadow the uptrend, then the price could inch close to $1.