Cardano Price Prediction: Will ADA Surge Amid Expectations Of Remarkable Growth In 2024

03.01.2024

Cardano price is drawing significant attention due to its recent market performance and potential future growth. As 2024 unfolds, the digital currency community closely watches ADA’s trajectory, buoyed by promising market trends and expert analyses. This digital asset has recently overcome its former resistance levels, transforming it into a platform for potential growth.

Market Momentum and Predictions

Cardano price over the past month has been remarkable, exhibiting a bullish trend with a 50% appreciation in value. This surge, escalating from $0.40 to over $0.61, underscores Cardano’s robustness in the volatile crypto market. The upswing signals high expectations for ADA’s performance in the ensuing weeks. Notably, its market volatility has been relatively subdued, with optimistic forecasts overshadowing the negative ones.

Source: Tradingview

At the time of reporting, Cardano price is at $0.5483 despite a slight 24-hour dip of 10%, indicating a short-term bearish trend. The trading volume has soared, surpassing $530 million in the last day, marking a 2.14% increase. Cardano’s market capitalization is currently at $21 billion, positioning it as the 8th-largest cryptocurrency by market cap.

Cardano Price Technical Analysis and Expert Opinions

In 2023, ADA fell short of reaching the anticipated $1 milestone, yet its performance remained commendable. With the onset of 2024 and the impending Bitcoin halving event, optimism is rekindled for ADA’s potential price escalation. Market analyst Captain Faibik also foresees a bullish pennant formation for ADA, suggesting a possible 30-40% rally. This upswing could propel ADA to a prominent position among altcoins.

$ADA Bullish Pennant formation..!!

Looks Promising for the Another +30-40% Bullish Rally..📈#Crypto #Cardano #ADA pic.twitter.com/53rYFF5Ws9

— Captain Faibik (@CryptoFaibik) January 2, 2024

Notable YouTuber and crypto analyst LuckSide presented an insightful perspective on ADA’s future. He posits a dual possibility for ADA: a surge toward the $0.70 resistance level; however, If ADA fails to break over the resistance level, it might begin a new drop. On the downside, initial support is near the $0.500 zone, Despite regulatory hurdles, LuckSide remains positive about ADA’s trajectory.

Cardano Price Prediction and Technical Analysis

The Moving Average Convergence Divergence (MACD) indicator shows a slightly bearish signal, with the Signal line surpassing the MACD line. The Relative Strength Index (RSI) hovers above 40 neutral level, indicating a balanced market dynamic between buyers and sellers. Moreover, the Awesome Oscillator (AO) confirms this bullish trend without signs of waning.

ADA/USD 4-hour price chart, Source: Tradingview

In the 4-hour chart for the ADA/USD pair, today’s trading session began with a notable movement above $0.63, following a crossing of the SMA 10, forming a bearish double-bottom pattern. Despite this initial bearish signal, Cardano price has demonstrated resilience by maintaining above the $ 0.54 mark. A critical observation in this chart is the positioning of the 20-EMA over the 50-EMA, a classic indication of bullish momentum in the market.