As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless bull and bear cycles, but the current crypto landscape presents unique challenges and opportunities. The recent surge of Cardano (ADA) to $1 is undeniably exciting, as it mirrors my first salary check back in 2001.
How high could Cardano potentially go within the ever-changing cryptocurrency environment?
Cardano Price Hit $1, How High Can ADA go?
Currently, the value of Cardano has spiked to reach approximately $1, shaping a symmetrical triangle on the daily chart. This pattern suggests a possible bullish explosion in the near future. At present, ADA’s price hovers near the lower support level, with significant support lying around $0.9168. This setup offers a strong opportunity for traders aiming to capitalize on potential upward momentum.
Predicted milestones for a surge in Cardano’s value are estimated at approximately $1.4594, $1.7574, and $2.0387. These milestones suggest potential returns of around 37.7%, 65.9%, and 92.5% respectively, if the current price level is taken as a reference.
Why Will Cardano Rally?
The price of Cardano seems ready to possibly surge, as signs from the blockchain suggest decreasing selling force. A look at the Profit/Loss chart reveals that there was a period of profit-taking around the first week of December, leading to increased selling near the highest local price point.
On the other hand, this peak has now decreased, suggesting that many short-term sellers have already left the market. This indicator monitors if coins transferred on the blockchain are being sold at a gain or a loss.
In simpler terms, the 30-day MVRV Ratio (which stands for “Moving Average to Realized Value”) mirrors a similar trend. The MVRV score represents the typical gain or loss of tokens that were recently transferred over the last month. As the graph demonstrates, MVRV has dropped below the neutral line, suggesting that holders are no longer enjoying substantial profits. These dips usually lessen selling pressure and open up chances for price increases.
If this trend persists, it’s likely that the leading altcoin could experience a rise in its trajectory, with traders taking advantage of improving market conditions. The focus continues to be on ADA’s price fluctuations for signs of a breakthrough. Given the current surge in the crypto market, with BTC surpassing $105k and ETH around $3,900, optimism is high. As of Monday, DEC 16th, the price of ADA stands at $1.05, having seen a significant 40% increase over the past month.
The MACD indicator shows a potential reversal. The MACD line has crossed below the signal line, indicating short-term bearish sentiment. The Chaikin Money Flow (CMF) is currently positive at 0.17, signaling strong inflows of capital into ADA.
Should the positive trend persist, Cardano’s price might strive towards the $2.00 barrier, even approaching its all-time high around $3.10. Conversely, if negativity prevails, the asset could encounter a significant drop falling below the $1.00 mark.
It appears that Cardano’s latest climb above $1 suggests there is potential for further growth. Over a longer period, the positive trend may push Cardano (ADA) towards approximately $2.04. The direction of future changes will be influenced by market opinions and resistance thresholds.
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2024-12-16 16:21