- ADA has proven its resilience, fending off bearish pressure and holding strong above the $1 mark—a level it fought hard to reclaim.
- With the New Year excitement on the horizon, the stage is set for a potential surge.
As a seasoned researcher who’s weathered numerous market cycles and seen my fair share of crypto bull runs and bear markets, I can confidently say that Cardano [ADA] is showing signs of resilience and potential growth. The past 30 days have been nothing short of remarkable, with ADA surging over 100% to reclaim the $1 mark after a three-year slump.
Over the last month, the value of Cardano (ADA) has skyrocketed by triple digits, escaping a three-year downtrend to surpass the $1 mark once more, cementing its position as one of the top-performing altcoins.
Although major entities have capitalized on the ‘dip’ to amass ADA, its market behavior hasn’t shown the strong bullish surge that many expected so far.
Nonetheless, the broader market optimism continues to keep ADA in the spotlight of speculation.
With significant stocks continuing to thrive in the green and investors focusing on reducing risks as Bitcoin approaches a crucial psychological mark, might Cardano capitalize on this energy and become a deserving recipient of this momentum?
Critical three weeks ahead for ADA
Over the past twenty trading days following the “Trump-pump”, Cardano’s price has soared beyond the $1 threshold. However, there are signals suggesting an impending correction, as various indicators hint at overextended positions. Remarkably, the Cardano bulls have shown resilience and managed to ward off a significant pullback.
Nevertheless, despite Bitcoin surpassing $100K last week, there appears to be a deceleration in pace. This could indicate that investors are hesitant about the standing of altcoins within the present market, as a hint of caution seems to be emerging.
In other words, if Bitcoin doesn’t significantly recover from its current level, it might not be able to hold the $104K mark as a firm support, leading to brief ups and downs in the market instead of sustained growth.
Looking forward, we might expect a surge of activity over the next three weeks as we approach the end of Q4. After that, the excitement of the new year may take over.
In simpler terms, ADA investors should take advantage of this chance to boost their gains by riding the current trend, as long as the price remains stable.
Source : TradingView
As a researcher, I’ve observed an interesting trend historically regarding the Cardano network’s liquidity. Specifically, the December to February period seems to be a time of increased activity for ADA, with consistent significant movements and breakouts from consolidation patterns in each annual cycle.
Based on historical patterns, ADA might surge past $2 in the near future, aiming to reach a fresh record high of around $3.11 by the end of this year.
So, should you buy the dip?
As a crypto investor, it seems like a curious pattern I’ve noticed lately – whales seem to be stockpiling approximately 20.31 million AADA at an average buy-in price of about $1.21. Could this be mere coincidence, or are they onto something?
It appears that this substantial buildup has motivated approximately 391,000 wallets to amass around 4.95 billion ADA coins, with each of them anticipating a potential recovery to the price point of $2.
Despite seeming straightforward, achieving this goal for Cardano from its present market worth will require more than a leisurely stroll – it’s a significant challenge, given that it necessitates a jump of approximately 60%. With the ongoing market instability, RSI still showing signs of being overbought, and MACD suggesting potential bearish pressure in the near future, the path ahead might be challenging.
In simpler terms, it’s important to be patient as these factors need time to balance out. If they don’t, even a slight deviation might push Cardano below the $1 mark, a level that bulls have been striving to regain for quite some time.
Maintaining unwavering backing for the whales is vital to counterbalance the selling force of inexperienced investors who might choose to exit their positions if the price drops more, due to their apprehension about potential market corrections.
Read Cardano [ADA] Price Prediction 2024-2025
If you’re currently holding Cardano with the hope of reaching a $2 milestone, purchasing during this dip could be a shrewd decision for several reasons: firstly, the significant support from ‘whales’; secondly, the expectation that the market will pick up momentum towards the end of the year; and thirdly, the noteworthy patience exhibited by bulls.
This psychological aspect significantly contributes to preventing them from losing hold of the $1 figure.
Read More
- GBP EUR PREDICTION
- SEI PREDICTION. SEI cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- CNY RUB PREDICTION
- TRB PREDICTION. TRB cryptocurrency
- HOOK PREDICTION. HOOK cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
2024-12-08 21:12