Amid Bitcoin-led crypto resurgence Cardano (ADA) is experiencing a significant rise. The bulls have their sights set on this year’s high of around 45 cents. It would be wrong to say that this revival is a coincidence. This is a result of dedicated development efforts and the evolution of the Cardano network into a thriving ecosystem for developing web3 projects.
Koinfinans.com As we reported, the total amount of staked ADA rose to an impressive 22.98 billion, while 695 million were locked in DeFi projects. This growth in staked and locked assets reduces the supply in circulation, potentially fueling the bullish trend in the market.
Short-Term Prospects: Analysts Discuss
#Cardano is on track! ✅$ADA price movement is echoing its 2018-2020 trajectory, minus the COVID-19 downturn. If this pattern holds, we could see #ISLAND punching through the $0.45 resistance soon.
What’s next? A potential rally to $0.75 by late December! https://t.co/aJ05l0sx3P pic.twitter.com/GJOPU6TfM7
NEWS CONTINUES BELOW— Ali (@ali_charts) December 7, 2023
a recent in analysis, renowned crypto expert Ali Charts compared Cardano’s current consolidation phase with its 2018-2020 trajectory excluding the Black Thursday incident. Despite ADA’s efforts to break above 38 cents, Ali Charts predicted a year-end potential of 75 cents, provided it breaks the 45 cent barrier in early December. While ADA is currently flirting with this critical level, the analyst reaffirms his ambitious 75 cent target.
Technical Analysis: A Closer Look at ADA’s Price Action
altcoinThe price of recently broke out of the macro descending triangle, signaling a bullish trend. The occurrence of a daily golden crossover between the Moving Averages 50 and 200 further underlines the potential for an upward trajectory. In addition, the increase in daily trading volume to approximately $788 million supports the optimistic outlook.