Cardano(ADA) price is currently consolidating and experiencing a small price correction, with the chart being mostly red throughout the entire week. The token of a major blockchain that has effectively implemented a proof-of-stake consensus model is not the sole one experiencing fluctuations. The current Bitcoin price is $64,559.74, which is lower than its highest price, experiencing a decrease of 6.05% in the last week. Ethereum price is finding it difficult to surpass the $3,550 resistance level, currently sitting at $3,360.54, showing a decrease of 9.35% in the last week. Despite the drop Cardano price by 13%, investors are optimistic about its potential to reach $2 in 2024. Let’s explore this option.

Market Performance of Cardano Price

Cardano (ADA) price is currently trading at $0.6274, having slightly decreased in value by 0.65% over the past day.  The week has not been easy for the Cardano token either, for it experienced a drop in its price by 13.57%. Despite that monthly and year-to-date performance has been promising, recording a surge in the value of 8% and 68% respectively. Boasting a market cap of $22.37 billion, it is among the top 10 cryptocurrencies, holding the 9th position, according to CoinMarketCap. However, the total market value reduced slightly by 0.4% alongside the 24-hour trading volume which declined by 5.77% to record $569.4 million. 

The recent movements in Cardano’s price over the past day indicate a period of consolidation or mild correction. It seems like investors might be playing it safe, which has led to less trading and a small decrease in price. But nothing too drastic is happening; it’s just a quiet moment in the market. Overall, people still seem to have confidence in Cardano, but right now, things are just taking a breather.

Some analysts assert that Cardano is currently in a strong state, approaching a key support level at $0.54 after a decline from a peak of $0.69. This level is considered crucial, as in the past it has signaled a trend reversal from falling to climbing. If ADA holds above this support and starts to rise, it could potentially target growth towards immediate resistance at $0.60 and even higher levels like $0.67.

Price Forecast: Will Cardano Cross $2 in 2024?

According to our  ADA price daily chart technical analysis, the MACD (Moving Average Convergence Divergence) level is currently at -0.007, indicating a sell signal. This suggests a bearish momentum in the short term. The RSI (Relative Strength Index) value is at 44.871, which is in the neutral zone. It indicates that there is no clear overbought or oversold condition at the moment. This suggests that the market sentiment is balanced, and there might not be any immediate drastic movements based solely on RSI.

For long-term trends it is necessary to consider Long-term moving averages (100-day and 200-day)indicators. Currently, they both signal a buy sentiment. This suggests that over a longer period, there’s positive momentum building up, indicating potential bullishness.

Should ADA price drop, it will find support at $0.516, however, should the bears prevail further, it could see prices drop to $0.143. However, in case the price increases, Cardano will find resistance at $0.751. In case the bulls prevail and break through the $0.848 barrier, its price could soar to $1.083.

In the long run, if investors demonstrate more positive sentiment about Cardano and it manages to break through those tough resistance levels, especially the one at $1.083, hitting $2 might not be out of reach. This possibility is further supported by the long-term moving averages which are giving a buy signal.

For investors, it’s important to keep an eye on both short-term and long-term indicators to make smart choices about Cardano. Also, what happens in the Cardano community and the overall crypto market sentiment, can really shake things up. The more people use Cardano and find new ways to use it, the more valuable ADA could become. And if Cardano keeps improving its tech and adding new features, that could attract even more users and investors. 

For instance, Santiment has recently showcased the cryptocurrency projects that are at the forefront in terms of development activity. The evaluation relies on distinctive GitHub involvement, calculating an average from the daily input from the previous month. Although Chainlink is leading the way, the fact that Cardano follows closely behind showcases the industry’s ever-changing landscape and ongoing drive for advancement. This indicates that the engineers have faith in the mission of Cardano. This boosts the confidence of the crypto community and investors in the potential growth of Cardano’s token.

Additionally, what is happening in the wider crypto world can’t be ignored – it has a big impact on Cardano’s price too.

 

The post Cardano Price: Will ADA price cross $2 In 2024 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am