Cardano Price Prediction as ADA Spikes Up 6% – Time to Buy?
The Cardano price has jumped by more than 8% in the past 24 hours, reaching $0.6202 as rising Bitcoin ETF volumes pushes the market even higher today.
This spike erases what had been losses for ADA over the past week, with the altcoin now also up by 11% in a fortnight and by 25% in the last 30 days.
ADA is also sitting on a health 71% gain in the last 12 months, with the increasing bullishness of the wider market likely to goad it higher in the near future.
And with Cardano arguably being one of the most underrated layer-one blockchains in the market, ADA could reach new highs by the end of 2024.
After dipping for a while or so, it now seems that ADA is ready for a strong surge this week, a rally which could continue for longer depending on overall market bullishness.
Its 30-day moving average (yellow) looks particularly encouraging, climbing strongly as it is beyond the 200-day average (blue).
It would certainly seem that ADA is in an expansionary phase, one which it has expected ever since the lows of January and early February.
This view receives support from the coin’s relative strength index (purple), which after dipping to around 50 last week is now rising strongly again.
ADA has room to continue rising until the RSI passes 70 or 80, with the coin’s 24-hour trading volume also rising back up to $750 million today.
This may not be quite as impressive as the volumes for bigger coins (especially BTC, ETH and SOL), but CoinShares latest Digital Asset Fund Flows report does show that funds are putting some money into ADA (c. $400,000 last week).
And ADA is arguably in a better position than most other alts to ride the intensifying bull market, given that it has such solid fundamentals.
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