Analyst Predicts Surge, Will ADA Reach $1 Soon?

LuckSide Crypto, a crypto analyst, has suggested that Cardano’s price might just be starting to rise after recovering from the latest drop, as per a new analysis published on January 11.

After analyzing the charts, LuckSide Crypto noted that Cardano (ADA) had reached $0.60 during the video release, following the positive news of the spot Bitcoin ETF approval. Since then, ADA has seen a double-digit surge, gaining market share alongside other altcoins against Bitcoin (BTC). 

However, the analyst has predicted that the market is just getting started based on the behavior of capital on a larger scale. On the last day, the analyst observed that the change in USDT held on exchanges is 597 Million USDT, the highest level in 208 days, with total flows of $6.6 Billion, suggesting that capital is getting ready to buy. 

The analyst has compared USDT inflows during the same period to further suggest that people are preparing for significant announcements and, in turn, preparing to buy crypto. The analyst concludes that this run for ADA and the rest of the crypto market is just beginning, although retracements are still possible. 

As per the analysts, when there is a lot of fuel in the tank, it’s unlikely to sit idle. At the time of writing, the price of Cardano has slightly faltered, where it currently sits at $0.5766, according to CoinMarketCap data. Notably, this marks a 14.7% increase in the last day and a 2.1% increase in the last month.

Furthermore, the analysts from TheCoinRepublic also predicted that Cardano (ADA) will cross the $1 mark.

Technical Analysis and Prediction of ADA Coin Price 

Over the past year, Cardano (ADA) has experienced a significant uptrend of 93%, highlighting bullishness on the chart. The ADA price experienced a bullish push at the time of the writing.

During the previous week, the value of ADA increased from $0.512 to $0.636. The technical analysis suggests that this Cardano crypto movement is likely to occur. The current resistance levels for the ADA token are at $0.498 & $0.414 while the bears could be present at the levels of $0.649 and $0.798

Summary

Crypto expert, LuckSide Crypto, recently released a new analysis on January 11, suggesting that Cardano’s price may be on the rise after a recent drop. Additionally, in a debate between ADA vs XRP, the analyst from TheCoinRepublic predicted that Cardano (ADA) will surpass $1. Over the past year, Cardano (ADA) has seen an uptrend of 93%, indicating bullish on-chart activity.

Technical Levels

• Support Levels: $0.498 and $0.414
• Resistance Levels: $0.649 and $0.798

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.