Cardano Price Rallied 166% In Q4 2023, Will History Repeat?

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As a seasoned crypto investor with a knack for spotting trends and patterns, I’ve seen my fair share of market volatility and hype cycles. The recent downtrend of Cardano (ADA) hasn’t deterred me; instead, it’s made me more optimistic about its potential. Having witnessed ADA’s impressive rally in Q4 2023, I’m hopeful that history might repeat itself.

As a researcher, I’ve observed a consistent downtrend in the price of Cardano (ADA) since March 2024. Over that period, we’ve seen ADA lose approximately 66% of its value. However, there are signs that the landscape might be shifting for this potential Ethereum competitor, given the recent resurgence in Bitcoin (BTC) prices.

Is Cardano Price Set to Repeat Q4 2023 Rally?

From December 2023 to March 2024, the value of Cardano significantly increased approximately 170%, peaking at $0.6769. If that was remarkable, the price dropped in January 2024 but rose another 81% by mid-March 2024.

According to the graph, the price of ADA appears to be in a downward trend, marked by a pattern of successive lower highs and lower lows. However, following the crash on August 6, Cardano has avoided hitting new lows, suggesting that potential buyers who had been sitting on the sidelines may be accumulating the coin.

As an analyst, if the current support level at approximately $0.320 maintains, there’s a promising possibility that this Ethereum-rival will strive to surmount the obstacle at around $0.3923. Achieving a reversal and establishing a solid support base by the end of September 2024 could create ideal conditions for a bullish fourth quarter, potentially marking a significant uptrend.

Based on Bitcoin’s recent price surge towards $64K and potential resumption of a bull run, it seems likely that the market trend will mirror 2023’s performance. This could drive up Cardano prices, potentially reaching milestones at $0.509 and $0.600. If this year’s impressive 166% increase repeats, Cardano (ADA) could see a significant rise, approaching nearly $0.900 or around $1.

Cardano Price Rallied 166% In Q4 2023, Will History Repeat?

Based on Santiment’s data, it appears that large ADA holders (between 10,000 to 1,000,000 ADA) who had accumulated in the third and fourth quarters of 2023 have returned and are now purchasing more. Moreover, those holding between 1,000,000 and 10,000,000 ADA have acquired approximately 160 million tokens since July 17.

Cardano Price Rallied 166% In Q4 2023, Will History Repeat?

In summary, it seems likely that the price of Cardano will continue to rise during the last quarter of 2024, as the overall sentiment is positive. This optimism is reinforced by the accumulation of large investors (whales), which suggests a potential reprise of the strong performance seen in Q4 of 2023. If this happens, the price of ADA could reach $1 or even higher.

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2024-09-20 17:23