The cryptocurrency markets have been on the rise for over two months, and the way Bitcoin has overcome tough resistances is exciting. At every barrier where popular analysts were sure of a major price correction, BTC has surged to new highs. Movements reminiscent of the bull season suggest that a repeat of 2021 could be approaching. So, how much will ADA Coin be worth?
ADA Coin Analysis
A $1 target is not far-fetched for ADA Coin because it has previously tripled that amount. Moreover, despite the launch of many strong competitors during the last bear season, it maintains its position among the largest cryptocurrencies. We have seen many altcoins disappear from the top list over the years, but Cardano (ADA) stands firm, like a battle-hardened veteran.
On December 13th, ADA Coin reached its 2023 peak, hitting $0.68 and marking the best price since May 2022. A 430-day resistance area was breached. The RSI is exciting because we saw a similar rapid recovery followed by a journey to an all-time high (ATH). Furthermore, if BTC continues to hold at $42,000, despite short-term volatility, we could see new highs in the medium term.
Will ADA Coin Reach $1?
Elliott Wave Theory readings can yield good results in such rapid rallies. Like many altcoins, the ADA Coin chart shows that we are in the third wave of a five-wave upward movement. This stage often leads to strong peaks.
SatoshiTalks, a crypto analyst, hypothesized that the recent rally was a result of the increase in the total value locked (TVL) in the network.
“Cardano’s DeFi ecosystem is approaching a TVL of $450 million and has witnessed a significant increase. This happens as crypto investors show interest in Ethereum alternatives.”
The TVL growth, which led to an 80% increase, is fueling optimism for ADA Coin’s long-term price potential. Returning to the Elliott Wave count, the third wave could be 2.61 times the length of the first wave. According to this, the $1 target is reasonable.
However, if the fourth and corrective wave begins (as BTC is preparing to close its first red candle after 8 weeks), a drop to $0.5 could occur. Before the pullback, closures above $0.7 are needed to aim for the $1 peak, with the next targets possibly being $0.88 and $1.
