Bitcoin (BTC) had been moving in a narrow range for days, allowing altcoins the opportunity to rise. However, today it fell to $41,637. At the time of writing, it is finding buyers at $41,890. Expectations for the coming year are positive, but Grayscale resignations have caused confusion. So, what are the expectations for Cardano (ADA) Coin?
ADA Coin Commentary
ADA Coin’s price continues the day with a loss of about 6 percent at $0.584. ETH and XRP Coin, leading the popular altcoins, have turned red again. The weekly chart analysis shows that since the beginning of the year, ADA Coin’s price has been trading in a horizontal area. After consolidating near the lower range, ADA began a rapid rise in October.
Reaching its annual peak at $0.68 on December 11, ADA Coin increased by 150% since October. It sent strong signals that the long-term downtrend was coming to an end, closing 9 out of the last 10 candles in green. However, it is more affected by BTC price fluctuations than the market average.
In the analyses we have shared for months about ADA Coin, we highlighted that the whale group does not miss profit opportunities. This suggests that they are based on some fundamentals that should not make them afraid to sell in the medium and long term. Perhaps the task of Cardano is becoming increasingly difficult among so many new competitors?
ADA Coin 2024 Predictions
Next Monday, we will be entering the new year, and for ADA Coin, 2023 will be over. So, what are the analysts’ expectations for ADA Coin? Crypto Yapper, an analyst, emphasized that he expects a breakout from a symmetrical triangle in the short and medium term.
“Cardano’s price is squeezing into this peak that will soon break. These formations often follow the trend, and the trend is upwards. What are your thoughts on ADA?”
BuyDipCrypto also drew a similar symmetrical triangle and wrote that an upward breakout is expected to start the anticipated rise. A crypto analyst known by the pseudonym Valeriya agrees with the others.
The Elliott wave theory says that if the price, which is in the third wave of a five-wave rise seen in many rally altcoins these days, has started the fourth wave, sales will continue down to $0.5.
However, if ADA Coin continues to close above $0.68, it could rise to $0.88 and $1.
