Cardano

2024

Captain

Most cryptocurrencies such as Cardano (ADA) currently going through a consolidation period after weeks of intense price growth in December. Data from Coinmarketcap shows the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-major-hit-40k/">big cryptos posting declines</a> in a seven-day timeframe, with some even <a href="https://www.newsbtc.com/news/solana/solana-users-face-mounting-threat-as-drainer-attacks-surge-sol-price-plummets-13/">plunging by double digits</a>.&nbsp; 
Cardano <a href="https://www.newsbtc.com/news/cardano-in-2024-dollar-dream-or-downward-spiral-for-ada/">hasn’t been left out</a>, as it is currently down by 9.20% and 15.3% in the past 24 hours and seven days respectively. However, according to one crypto analyst, Cardano (ADA) could be gearing up for a 30-40% price surge that sends the token well past $0.80 this month. 
<h2 id="cardano-consolidating-after-price-surge">Cardano Consolidating After Price Surge</h2> 
Cardano has been on a nice price surge, reaching a peak of 170% price gain in the last quarter of 2023. At the time of writing, the crypto is still up by 35% in the past 30 days despite the ongoing consolidation. According to a technical analysis shared by crypto analyst Captain Faibik on social media, Cardano is currently in a bullish pennant formation on the daily timeframe. 
Bullish pennant patterns are formed after an uptrend and indicate a continuation of the upward trend during a consolidation. For Cardano, the pole was a 77% price rally from $0.3759 to $0.6655 in the first two weeks of December.&nbsp; 
It then traded in increasingly higher lows and lower highs, creating the pennant shape. If the pennant pattern holds, the analyst envisions a bullish breakout which would lead to a 30% to 40% bullish rally to the $0.8 price level.&nbsp; 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ADA</a> Bullish Pennant formation..!! 
 Looks Promising for the Another +30-40% Bullish Rally..<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Cardano</a> <a href="https://twitter.com/hashtag/ADA?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#ADA</a> <a href="https://t.co/53rYFF5Ws9" rel="nofollow">pic.twitter.com/53rYFF5Ws9</a> 
 — Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1742050724094357554?ref_src=twsrc%5Etfw" rel="nofollow">January 2, 2024</a>
</blockquote> 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/Bp5w4axV/" alt="ADA price chart from Tradingview.com (Cardano crypto analyst)" width="3266" height="1530"> 
<h2 id="what-s-next-for-ada-price">What’s Next For ADA Price?</h2> 
Cardano is currently trading at $0.5567 with a 115% increase in 24-hour trading volume. Several indicators point to the cryptocurrency going on a price growth this year, along with the entire crypto industry.&nbsp; 
For one, IntoTheBlock’s <a href="https://app.intotheblock.com/coin/ADA/deep-dive?group=all&amp;chart=all" rel="nofollow">Network Value to Transaction (NVT) ratio</a> of 3.09 suggests that the Cardano chain is currently undergoing high network transaction value against its market cap, which is often a bullish sign. 
In fact, the surge in December and the current consolidation in early January are still in line with a <a href="https://bitcoinist.com/cardano-ada-set-to-explode-crypto-analyst-uses-historical-data-to-predict-2300-surge/" rel="nofollow">prediction by crypto analyst</a> Ali Martinez last year, who used historical data to predict a 2,300% surge to $6. 
Once Cardano’s price pushes above $0.64 with strong volume, that will confirm the uptrend is ready to continue. On the other hand, if Cardano were to turn the support level of $0.55 level into a resistance barrier on the daily timeframe, it could denote weakness from the bulls which would negate the bullish sentiment in the short term. In such a case, we could see Cardano’s price continue to decline to the $0.5 level.

Crypto Analyst Predicts Cardano Price Jump In January – Here’s The Target

Table of Contents

NewsBTC

Other articles published on Jan 4, 2024

Florence Finance - LTO Community Bonuses

These crypto influencers got their 2023 predictions totally wrong

Travel Industry Outlook 2024: AI Dominance, Streamlined Processes, and Sustainability

Drastic Bitcoin Drop: Is the Crypto Winter Back?

Dogecoin and Shiba Inu prices slip: Is this an opportunity to buy more meme coins?

SEC likely to approve Bitcoin ETF, predicts Bloomberg expert

Join our free newsletter for daily crypto updates!