Cardano (ADA) is gaining traction in the crypto market, with its price recently trading above the critical $1.01 level. This fresh momentum highlights the growing interest in the Cardano ecosystem. Here's an in-depth look at the latest ADA price trends, Cardano price prediction for 2024, and potential support levels.
Recent ADA Price Performance
In the past few days, ADA has broken key resistance levels, climbing above $0.850, $0.880, and $0.9250. The price surpassed the 50% Fibonacci retracement level of the downward move from the $1.150 swing high to the $0.8696 low. This upward movement allowed the price of Cardano to clear the $1.00 mark. However, sellers have emerged near the $1.050 zone, posing short-term resistance.
Key Technical Indicators
A bearish trend line with resistance at $1.020 is forming on the hourly chart of the ADA/USD pair.
The trend line aligns closely with the 61.8% Fibonacci retracement level of the $1.150 to $0.8696 price move.
ADA is trading above $0.950 and the 100-hourly simple moving average, indicating bullish momentum.
Also Read: Stellar Price Prediction, Will The XLM Coin Reach $1?
On-Chain Metrics Support a Bullish Outlook
According to IntoTheBlock, Cardano's on-chain metrics strengthen the case for a positive future:
70% of ADA holders are in profit, signaling strong investor sentiment.
71% of tokens have been held for over a year, showcasing long-term confidence.
A net exchange outflow of $2.82 million on November 27 indicates ongoing accumulation.
These metrics reflect a robust foundation for Cardano’s price growth in the coming months.
Cardano Price Prediction 2024
The implementation of ZK smart contracts and positive market conditions position Cardano for substantial growth. Analysts foresee ADA targeting the psychological resistance of $1.20. A potential rally could drive the Cardano crypto price beyond $1.0840, with further gains aiming for the $1.1500 and $1.20 levels.
Correlation With Bitcoin
Cardano’s ADA coin exhibits a 0.94 correlation with Bitcoin, indicating that its price movements align with broader market trends. This close correlation makes ADA a strong asset in the current bullish crypto environment.
Are Dips Supported in Cardano ADA?
If the ADA price faces rejection near the $1.050 resistance, it may correct lower. Immediate support lies around $0.9650, followed by significant support at $0.9350. A break below $0.9350 could lead to further declines toward $0.880 or even $0.8450, where buyers might re-emerge.
A Promising Future for Cardano
The current ADA price trends and bullish on-chain metrics indicate a bright future for the Cardano ecosystem. The successful implementation of new technologies like ZK smart contracts and its correlation with Bitcoin enhance its growth potential. As the Cardano crypto community continues to grow, the price of Cardano could see significant gains, making ADA coin a key contender in 2024