Cardano price prediction says the rally has just begun and new highs may be visible. ADA bulls might participate in the upcoming bull run and are likely to reward its long-term investors.
ADA price showed a steep rally and succeeded in breaking out of the $0.5000 barrier with a high buying volume. It triggered the positive sentiment and fueled the upward momentum.
The Cardano coin price rallied approximately 36% in the short period and hit a new Year-till-date high at $0.6820. However, the price got overbought so minor profit booking is also visible.
The 50-day and 200-day EMAs in ADA coin are pointing north, indicating a strong uptrend. However, the current market price had gone far away from the 50-day EMA. So, a short-term retracement is good for a fair price discovery.
The recent up move in Cardano is supported by a high buying volume. It indicates that the crypto whales and big players are active and more upward momentum is pending.
At the time of writing, the pair of ADA/USDT is trading at $0.5877 with an intraday rise of 2.01%. The 24-hour volume to market cap is 2.94%.
Will Cardano Price Go Beyond $1 in the First Quarter of 2024?
Cardano price prediction stays bullish for January 2024 as long as it sustains above the $0.5000 level. The buyers look very aggressive as compared to the sellers and more upside momentum is possible.
ADA coin price showed a surprising rally and rewarded the short-term bulls. The price looks mildly overstretched, so it might spend some time into a narrow range of consolidation before resuming the rally.
The analysis suggests that the ADA coin is in an uptrend and its price will easily reach the $1.00 level in the coming quarters.
What If ADA Price Retests the Demand Zone?
ADA price is forming a Doji candle on a weekly chart. It shows that the momentum is lost and minor correction or consolidation is needed. If the price retests the demand zone, it will be a good opportunity for the buyers to build fresh longs.
The chart pattern of this crypto is highly bullish and buyers dominance is clearly visible. So, investors may look to buy Cardano and participate in the bull run.
Conclusion
Cardano price prediction is bullish for the next few months and new swing highs are possible. The recent up move in ADA looks powerful and reliable, so more upward momentum is possible.
The analysis suggests that the ADA coin price is inside the bulls’ grip and the rally might continue in the coming quarters.
Technical levels
- Resistance levels: $0.6820 and $0.8000
- Support levels: $0.5020 and $0.4502
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 crypto assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2023/12/20/cardano-price-surges-56-in-dec-highest-monthly-gains-in-2023/