Cardano, the eighth-largest cryptocurrency by market capitalization, is currently exhibiting bullish signs on its 1-day time frame, with a trading price of $0.606351. Despite a slight 0.28% decrease in the last 24 hours, experts foresee a potential surge beyond $1 in January.
The growth of Cardano in 2023 has been remarkable, with a 150% surge and reaching a yearly high of $0.67 twice last month. This expansion is evident in its ecosystem, with Cardano’s top decentralized exchange (DEX), Minswap, experiencing an incredible 26,000% increase, and the leading non-fungible token (NFT) platform on Cardano, JPG Store, welcoming over 16,540 new addresses.
Analysts have differing views on Cardano’s future. One analyst, LuckSide, highlights Cardano’s critical resistance zone between $0.60 and $0.67. He proposes two possible scenarios: an upward surge to the $0.70 range or a potential dip to $0.40. Despite regulatory challenges, such as being labeled a security by the US SEC, the analyst remains positive about Cardano’s outlook for 2024.
Another prominent analyst, Dan Gambriello, emphasizes Cardano’s dependency on Bitcoin’s market movement for significant gains. He notes ADA’s breakout from a crucial symmetrical triangle, projecting a potential target of $0.80. However, he cautions about the resistance posed by the 200-week moving average, which could act as a major hurdle or a confirming indicator for Cardano’s upward momentum.
Technical indicators also provide insight into Cardano’s potential. The cryptocurrency’s 50-day moving average is trending upward, supporting future interactions, while the 200-day moving average, currently below the price, might also support a continuing bullish trend. The relative strength index (RSI) remains in the 50-60 neutral zone, indicating a stable trend.
In the recent 2-hour Cardano chart, there is a tug of war between the bears and bulls trying to control the price. However, despite bearish attempts, buyers have consistently provided enough support at the $0.5896 level. The bulls have maintained their stand above the $0.600 level, creating a bullish trend with price swings and forming double bottoms. The ongoing struggle between bears and bulls remains unresolved, but the bulls seem to have the upper hand.
A significant shift in momentum has been observed as bulls broke above minor resistance at $0.70. This breakout led to a steady rise in the price of ADA, reaching an intraday high of $0.6065. The consolidation around the $0.605 supply zone on the 4-hour chart is seen as a crucial entry point for potential buyers. If the bulls maintain their momentum, prices could increase above the SMA 20 at $0.6112. However, if the bulls fail, ADA’s price might return to its primary support at $0.560, potentially signaling a downtrend for Cardano.
Overall, experts predict a surge beyond $1 for Cardano in January, considering the positive trajectory and bullish signs observed in its price movement.