Cardano Price Prediction as Bulls Trigger a Massive Upswing – Can ADA Reach New Highs?
The Cardano price has dipped by 1% in the past 24 hours, following the altcoin’s strong recovery from a seven-day low of $0.551437 on Monday.
ADA has risen by 7% compared to this low, while the token is up by 4% in a week and by 48% in the last 30 days, as well as by 130% in the past year.
Such returns put ADA in a good position to continue making gains in the coming weeks, with the market’s predicted bull rally in 2024 likely to push the altcoin even higher in the coming weeks.
ADA’s technical continue to look strong, with the coin in line for more rises in the shorter term.
For instance, after dipping from nearly 90 in early December, the coin’s RSI (purple) has begun rising again, signalling incoming gains.
Similarly, ADA’s 30-day average (yellow) is also rising healthily above its 200-day (blue), another sign that ADA’s rally of the past couple of weeks isn’t going to end anytime soon.
Supporting this claim is the coin’s 24-hour trading volume, which remains elevated in comparison to where it was a month ago, at $600 million compared to roughly $300 million.
It’s also entirely arguable that the rises of the past few weeks are only the tip of the iceberg as far as the expected 2024 bull market is concerned.
There are a variety of reasons as to why analysts expect such a market, including Bitcoin’s next halving in April and the SEC’s likely approval of Bitcoin ETFs.
Together, such factors will increase bullishness in the overall market, with confidence increasing if the Fed reduces rates next year.
And a market-wide rally will push ADA, which arguably remains undervalued in relation to its fundamentals.
Indeed, 2023 has been a good year for Cardano, which has grown its total value locked in by 700% since January 1, more than any
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