Despite experiencing a significant rise in 2021, the past two years have been harsh for a popular cryptocurrency. After acquiring smart contract capabilities, Cardano did not attract the anticipated interest. The complexity of the Haskell language and other negatives have contributed to this situation. Additionally, there has been an influx of competitors during this period. However, the situation may not be as bad as it seems.
Cardano (ADA) Coin Analysis
Since October 16th, the weekly chart has shown a steady increase in price, closing green for six consecutive weeks. ADA‘s price recently reached a local peak of $0.41 but has not escaped the long-term range that it has been in for over a year. Impatient profit-taking and fluctuations following BTC resistance tests have triggered these movements.
The RSI is increasing, and despite BTC experiencing a slight pullback, the price has not suffered massive losses. Moreover, a crypto analyst named RLinda argues that the end of the downtrend for ADA Coin is behind us due to the breaking of the long-term resistance line.
CryptoBusy is eagerly awaiting the breakout from the long-term range. If this is achieved in the coming month, significant gains could be made. The analyst recently stated;
“This price level has been fluctuating between support and resistance zones for over 2000 days. And it’s only one of the technical reasons why ADA’s price isn’t rising now. If the price breaks this resistance, we could see a major upward movement!”
Analyst known as BigChonis similarly supports this view.
ADA Coin Price Prediction
Weekly chart readings are positive for the price. The RSI is supportive, and BTC’s price holding at $37,800 is a favorable situation. Moreover, numerous positive developments are expected in 2024. This could potentially increase investors’ appetite for risk as we approach the new year.
ADA Coin investors’ biggest gain was the reclaiming of the $0.35 resistance zone. The maintenance of this significant resistance area is fueling bullish sentiment. The emerging bullish divergence in the RSI also supports upward movement.
If expectations are met (and BTC does not start a rapid loss wave), the $0.45 and then the $0.47 area could be surpassed. Conversely, closures below resistance could trigger a drop to $0.3.
- Cardano faces challenges but remains sturdy.
- Breakout from resistance may drive gains.
- Positive outlook strengthens investor sentiment.
