The crypto market is experiencing significant developments, and investors are hopeful for the coming year. It is expected that in 2024, Bitcoin will reach new highs. So, what are the expectations for Cardano (ADA) Coin? Let’s take a look at ADA Coin, one of the star altcoins of 2021.
Cardano (ADA)
Ethereum was the largest PoS network until it completed its PoS transformation last year. Moreover, with the excitement of the Alanzo and Vasil updates, the price of Cardano remained strong. However, ADA Coin also suffered from the major crash in the last quarter of the year and reached new lows.
Nevertheless, the last quarter of this year has been promising for altcoins, including ADA Coin. ADA Coin, which has lagged behind the market, has started to recover. Current readings suggest that the price may continue to rise this month. Bulls facing an important resistance level must overcome the barrier that extends from this year’s November high to the peak at the end of 2022.
In addition to this resistance, the $0.43 level just above the current level needs to turn into support. If the price can achieve this, it can aim for new highs.
ADA Coin Price Predictions
The initial target is the $0.61 milestone. For Cardano (ADA) to make a complete comeback, it needs to surpass the resistance around $0.86. The rising MACD currently supports bullish predictions.
The monthly chart does not provide a clear reading for the RSI, as it is in the neutral zone. After the drop at the trendline resistance three weeks ago, the price dropped to $0.344, heavily influenced by the fluctuations in BTC.
Now, while the king cryptocurrency is targeting new highs, even consolidation near current levels can open the door to significant rallies for ADA Coin. However, in the shorter term, readings on the four-hour chart are somewhat discouraging, as the RSI and MACD do not support an uptrend.
So, how will ADA Coin perform against BTC? The current view indicates that the price is being hindered by the resistance at 0.00001034 BTC. Cardano recently broke the 0.382 Fib support level around 0.00000984 BTC, indicating a downward trend. If it fails to show rapid positive divergence, we may see a decline towards 0.0000091 BTC in the short term.
