Analyst’s Bold Prediction for Year-End Rally
- Cardano price has already risen 50 percent in the four weeks and Ali Chart believes ADA could reach 75 cents by the end of the year if the popular altcoin breaks through 45 cents by the first week of December.
- The Cardano network has attracted institutional money as seen by its rising total value locked fueled by the high optimism of the Hydra Head scalability on the mainnet without initiating a hard fork.
After consolidating for more than 434 days, the Cardano (ADA) price is more than ready to break out for a fresh macro bull run. The popular altcoin that is backed by the IOHK Group, EMURGO, and the Cardano Foundation has attracted notable high-quality web3 investors seeking to amplify its decentralized finance (DeFi) ecosystem.
Moreover, the total amount of staked ADA in the past year has risen exponentially to about 669 million as of this report. Additionally, the Cardano mainnet development activity has grown steadily with the funding of web3 developers by the core technical team.
Consequently, the Cardano price has risen about 50 percent in the past four weeks to trade around $0.366 on Friday.
With the interesting performance and network development, popular crypto analyst Ali Charts has issued an intriguing ADA price prediction. According to the crypto analyst through a recent post on the X platform, ADA price is very likely to close the year trading around 75 cents.
Notably, the crypto analyst based the ADA bullish argument on the close resemblance of the current macro consolidation to the 2018-2020 bear market, but without the Covid-19 Black Thursday. Worth noting that the ADA bullish outlook by Ali Chart by the end of the year is based on the altcoins ability to close above 45 cents during the first week of December.
#Cardano‘s current consolidation trend eerily mirrors the 2018-2020 phase without the COVID-19 crash!
Looking to trade this setup? Head… pic.twitter.com/u3KzOsZj2F
— Ali (@ali_charts) November 16, 2023
Closer Look at Cardano Price Action
From a technical perspective, ADA bulls must flip the resistance range between 41 cents and 46 cents in the coming weeks to avoid a glaring correction toward 24 cents. Notably, the recent ADA rally in the past four weeks is unique than any other in the last 18 months as the weekly Relative Strength Index (RSI) has consistently rallied above 50 and is now acting in the 70 range.
Additionally, the recent ADA rally is bolstered by the 50 weekly Moving Average (MA) that has been acting as a strong support level for the first time since the beginning of the 2022 crypt bear market.
The daily auto Fib Retracement expects ADA price to find a notable support level around 32 cents, where more buyers could get a chance to reenter the buy trade. Meanwhile, ADA’s correction could be invalidated if the underlying value rally toward 44 cents in the coming days.
Notable Network Development
The Cardano network has made significant strides in improvement since the mainnet adopted smart contract ability. In the latest move geared towards making Cardano more attractive to DeFi developers and users, the Hydra Head scaling solution has been described as ready for mainstream adoption.
Notably, the Cardano network relies on the Hydra Head among other technologies to scale securely and significantly lower the transaction fees. The scalability issue was majorly highlighted during the Summit 2023 which brought together thousands of developers and investors.
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