Can cardano (ADA) Price Reach $0.80 in January? This Analyst thinks so
TL;DR
- Cardano’s ADA has fallen 11% recently, but analysts like Kaptan Faibik see an upside potential and are predicting a rise towards $0.80 by the end of January.
- ADA’s on-chain trading volume is increasing, indicating increased interest that could lead to a potential upward trend in its value.
- External factors, including the possibility of US Bitcoin ETF approval and the upcoming Bitcoin halving, may positively impact the price of ADA; some analysts predict a significant increase.
The cryptocurrency market experienced a significant correction today (January 3) with many assets falling by double digits. One of the hardest hit was Cardano’s ADA, which dropped 11% in the last 24 hours (according to data from CoinGecko).
There are many optimistic predictions about whether this is a temporary correction or a more permanent downturn. many experts. X (Twitter) user Kaptan Faibik recently presented a chart where ADA is forming a “bullish pennant formation.” Therefore the analyst envisioned A price prediction towards $0.80 before the end of January.
Another factor that points to a possible uptrend in the near future is ADA’s increasing on-chain trading volume. According to DefiLlama, this figure has fluctuated between $8.8 million and $22.6 million in the last two weeks.
ADA Transaction Volume, Source: DefiLlama
Increasing trading volume could mean that interest and confidence in the crypto asset is increasing, which could attract more investors and cause the price to rise.
Other Elements That May Positively Affect the ADA
If a spot Bitcoin ETF comes to light in the US, the price of ADA could also move north. Recall that financial giants such as BlackRock, Fidelity, Invesco and others have filed with the SEC. The agency is expected to be activated with many experts in the first quarter of the year. to believe Approval could come as early as this week.
The product will remove some of the barriers to investing in Bitcoin, such as personal custody, and will likely spark a new wave of investors. This could lead to a price increase for BTC, which could have a positive impact on altcoins, including ADA.
It is also necessary to mention the upcoming Bitcoin halving. The event, scheduled for this spring, occurs approximately every four years and miners’ rewards are cut in half. It increases the scarcity of BTC, which could lead to a price increase (if demand remains constant).
Analysts like Dan Gambardello argument It is stated that ADA may also benefit from the halving and experience a price increase to an all-time high of $11. Those who want to discover additional predictions from experts can check out our special video below:
SPECIAL OFFER (Sponsored)
binance $100 Free (Exclusive): Use this link to sign up and get $100 free and 10% discounted fee on Binance Futures for your first month (conditions).
#Cardano #ADA #Price #Reach #January #Analyst #thinks
