Experts Predict a Rise Beyond $1 in January
cardano, the eighth largest cryptocurrency by market cap, is currently showing bullish signs with a trading price of $0.606351 on the 1-day time frame. Despite the slight decline of 0.28% in the last 24 hours, the trend of the digital currency indicates that the $1 level may be retested in the near future.
Cardano’s journey in 2023 strikingIt hit a two-year high of $0.67 last month, gaining 150%. This growth reflects the expansion of its ecosystem. minswapCardano’s largest Decentralized Exchange (DEX) saw an incredible 26,000% increase. Additionally, JPG Store, Cardano’s leading Non-Fungible Token (NFT) platform, welcomed over 16,540 new addresses.
Analysts’ Views on the Future of Cardano
Crypto analyst LuckSide points to Cardano’s critical resistance zone between $0.60 and $0.67. It suggests two scenarios: a rise to the $0.70 range or a potential decline to $0.40. Despite regulatory challenges, including being labeled a security by the US SEC, the analyst’s outlook for 2024 remains positive.
Another prominent analyst, Dan Gambriello, emphasizes that Cardano is dependent on Bitcoin’s market movement for significant gains. He notes that ADA is forecasting a breakout from a crucial symmetrical triangle and a potential target of $0.80. However, he warns about the resistance created by the 200-week moving average; This resistance could be a major hurdle or a confirming indicator for Cardano’s bullish momentum.
The cryptocurrency’s 50-day moving average is in an uptrend, potentially supporting future interactions. The 200-day moving average, which is currently below the price, may also support the ongoing uptrend. The Relative Strength Index (RSI) remains in the neutral zone of 50-60, indicating a stable trend.
Cardano Shows Upside Potential as Bulls Target $0.070
On the last 2-hour chart of Cardano (ADA), there is a conflict between the bears trying to push the price below $0.5896 and the bulls defending this level. Despite bearish attempts, buyers have consistently provided adequate support in this region. ADA opened the trading session with gains and maintained its stance above the $0.600 level.
This uptrend was further strengthened by the bulls’ recovery, creating a price swing from intraday lows. Cardano price later rose to the supply zone at $0.605. ADAUSD has formed several double bottoms, indicating a steady but modest price change. Parabolic SAR points below the price level indicate an underlying bearish trend in the market. However, the ongoing fight between bears and bulls to control ADA’s pricing remains unresolved and the bulls have the upper hand.
ADA/USD 4-hour chart:TradingView
The previous hour saw a significant shift in momentum as the bulls gathered strength and successfully broke above the minor resistance at $0.70. Following this breakout, ADA price rose steadily and reached an intraday high of $0.6065. This bullish trend is also confirmed on the 4-hour chart, where consolidation around the $0.605 supply zone is a crucial entry point for potential buyers. This could push prices above the SMA 20 at $0.6112. Conversely, if the bulls fail to maintain their momentum, ADA’s price could return to its primary support at $0.560. A breach of this support level could lead to further declines to $0.5112 in line with the EMA 50 and potentially signal a downtrend for Cardano.
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