Cardano

Billion

Rise

The post <a href="https://coinpedia.org/price-analysis/ada-price-recovery-punches-back-eyes-40-hike-to-0-85/" rel="noopener noreferrer nofollow">ADA Price Recovery Punches Back, Eyes 40% Hike To $0.85!&nbsp;</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Marking a bullish start to the week, the ADA price trend jumps 3.61% on Monday night and continues the bullish trend today, on Tuesday. A strong comeback fueled by the lower price rejection, leading to a bullish candle formation, brings an entry opportunity for momentum traders.
The retest and lower price rejection with a 5% jump within the last 24 hours, at press time, signals increased buyer interest. With the ADA price floating above $0.60, the overall market sentiment is optimistic with the bullish <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" rel="noopener noreferrer nofollow">Cardano price predictions</a>.&nbsp;
<h2 class="wp-block-heading" id="h-ada-price-reverts-above-0-60">ADA Price Reverts Above $0.60</h2>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="485" src="https://image.coinpedia.org/wp-content/uploads/2023/12/19110154/ADAUSD_2023-12-19_10-09-57-1024x485.png" alt="" class="wp-image-254559" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/19110154/ADAUSD_2023-12-19_10-09-57-1024x485.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/12/19110154/ADAUSD_2023-12-19_10-09-57-300x142.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/19110154/ADAUSD_2023-12-19_10-09-57-768x364.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/19110154/ADAUSD_2023-12-19_10-09-57-1536x728.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/12/19110154/ADAUSD_2023-12-19_10-09-57-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/12/19110154/ADAUSD_2023-12-19_10-09-57.png 1813w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source – <a href="https://www.tradingview.com/x/umzOkGwI/" rel="noopener noreferrer nofollow">Tradingview</a>
Finding a 20% rise in the intraday trading volume, the bullish support to the ADA price uptrend is rising. Standing as the eighth largest Cryptocurrency, Cardano crosses the $20 billion market cap and continues to head higher.&nbsp;
Considering this post-retest reversal in ADA price gains momentum, the altcoin can attain a 40% hike to reach the $0.85 mark before reclaiming the $1 mark.
Further, in the weekly chart, the recovery rally surpasses the supply zone and might give a closing above it this weekend.&nbsp; Further, this increases the likelihood of a golden crossover in the weekly chart as the bull run uplifts the 50-week EMA.&nbsp;
Currently trading at $0.613, the ADA price shows an intraday growth of 1.83%, prolonging last night’s recovery. If the bullish trend in Cardano sustains, the breakout rally can reach the $0.85 mark, a 40% hike. However, a slide under $0.52 will nullify the bullish thesis and limit the annual growth to 120%.&nbsp;
Technical indicators:
RSI indicator: The weekly RSI line sustains in the overbought zone, reflecting a high demand-fueled rally for Cardano. Therefore, the momentum indicator bolsters the possibility of a bullish trend in ADA price.
<h2 class="wp-block-heading" id="h-large-transaction-on-the-rise">Large Transaction On The Rise</h2>
The remarkable rise in large transactions over the Cardano network of more than $100,000 fuels the network growth. With 11.5K large transactions over the last 24 hours with a volume of almost 36 Billion $ADA, the demand for Cardano’s native token is rising.&nbsp;&nbsp;Thus, the increased demand is fueling the growth in ADA price.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="683" src="https://image.coinpedia.org/wp-content/uploads/2023/12/19110202/ITB_ada_number_of_large_transactions_cardano_2023-12-19T05_19_53.636Z-1024x683.png" alt="" class="wp-image-254560" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/19110202/ITB_ada_number_of_large_transactions_cardano_2023-12-19T05_19_53.636Z-1024x683.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/12/19110202/ITB_ada_number_of_large_transactions_cardano_2023-12-19T05_19_53.636Z-300x200.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/19110202/ITB_ada_number_of_large_transactions_cardano_2023-12-19T05_19_53.636Z-768x512.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/19110202/ITB_ada_number_of_large_transactions_cardano_2023-12-19T05_19_53.636Z-150x100.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/12/19110202/ITB_ada_number_of_large_transactions_cardano_2023-12-19T05_19_53.636Z.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source: <a href="https://app.intotheblock.com/coin/ADA/" rel="noopener noreferrer nofollow">Intotheblock</a>

ADA Price Recovery Punches Back, Eyes 40% Hike To $0.85!

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