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- 1 Cardano’s price prediction favors the bulls and suggests a rally has just begun.
- 2 ADA price showed a steep rise and trading near the June 2023 high.
- 3 The 50-day EMA positively intersects the 200-day EMA.
Cardano’s price prediction is highly bullish for 2024 and suggests a rally has just begun. It showed a steep rise from the recent swing low and formed a bullish pattern.
ADA price breaks out of the $0.3000 hurdle with a high volume and begins to rise. It gained the attention of the investors and got huge investor participation in the rally.
Cardano crypto price gained positive momentum and succeeded in recovering the losses of the past 6 months. Buyers also managed to push the price above the 50-day and 200-day EMA showcasing that the trend has reversed upward.
The 50-day EMA positively intersected with the 200-day EMA indicating golden crossover. It further boosted the confidence of the investors and added fuel to the rally.
At present, ADA price is trading near the June month high and attempting to break out of the $0.4000 hurdle. However, the prices are getting rejected and it seems like minor profit booking may come.
At the time of writing, Cardano price is trading at $0.3599 with an intraday rise of 0.56%. The 24-hour volume to market cap is 3.28%.
Will Cardano Price Hit New YTD High?
Cardano’s price prediction favors the bulls and suggests buyers will lead the up rally in the coming months.
The positive momentum is intact and bulls are continuing the dominance. If the price faces rejection and witnesses profit booking then it may retrace down to the 50-day EMA. But buyers will remain active and may bounce back from the support.
Till the ADA price holds the $0.3000 level, it will be inside bull grip and the probability of hitting a new YTD high will increase. The next phase of the rally will trigger when buyers can break the $0.4000 hurdle. Till then price might consolidate in the existing range.
ADA Price Formed Pattern on Multiple Time Frame Chart
ADA prices turned bullish on a daily, weekly, and monthly time frame. The recent rally looks powerful and bulls are more aggressive as compared to sellers.
Moreover, the crypto leaders BTC and ETH prices have performed well which indirectly impacts the prices of other altcoins. Currently, the crypto market sentiment is positive so more rallies may be visible in ADA and other altcoins.
The MACD curve is reversing down indicating prices are overstretched so minor consolidation is possible. The RSI at 66 is also cooling off from the overbought territory.
Conclusion
Cardano price prediction is bullish for December as well as for the next year. It suggests the rally has just begun and a long upward journey is pending. The phase of the rally in ADA price will trigger after a crypto breakout of the $0.4000 hurdle.
The analysis suggests that Cardano’s price might break out of the hurdle in December and hit a new YTD high.
Technical levels
- Resistance levels: $0.4000 and $0.4615
- Support levels: $0.3200 and $0.3059
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.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
