We are now in the final week of December, and the year 2024 is quickly coming to an end, much like this year’s end with a busy agenda. Investors are excited because we will see the approval of the Spot Bitcoin ETF, which experts have said will be one of the most important financial events of the last 30 years. So, what is the current situation on the ADA Coin front?
ADA Coin Commentary
On the weekly chart, the price has been gradually increasing since October. The price, surpassing the 420-day resistance line, reached a peak of $0.68 on December 14. However, this peak was short-lived due to the recent BTC correction. A long upper wick indicates that profit-taking has pushed the price back down.
The RSI is struggling to rise and the price is above $0.62. It seems that the decisive factor here is the performance of the BTC price. Weekends are generally periods with weak volume and sideways movement. However, the expectation for the approval of the spot Bitcoin ETF in the coming weeks at the end of December is very strong.
Therefore, the new week may start with a strong momentum for BTC. This could mean that the ADA Coin price will attempt to surpass its 2023 peak again.
Cardano (ADA) Price Prediction
Readings on the daily chart are not so optimistic about short-term performance. There are two reasons for this. The first reason is the reading on the RSI and the other is the Elliot wave count. The Elliot wave theory is often used to identify price structures and determine subsequent movements, and it is useful in measuring the size and targets of incremental movements.
According to the readings on the daily chart, the ADA Coin price has started the fourth wave of a five-wave upward movement. This suggests that the resistance level of $0.68 will not be surpassed in the short term, but rather a correction will be seen. If the expected happens, a pullback to $0.5 could occur.
Popular crypto analyst Blue Crypto wrote that if the main resistance level of $0.68 is breached, a rapid move towards $0.9 could follow.
The daily RSI has formed a downward trend. However, if the ADA Coin price can still see closures above $0.68, it would mean the third wave is extending. This could lead to a rise in the price to the $0.88-$0.9 range highlighted by Blue Crypto.
