According to Ali Charts, the price of ADA Coin could rise to $6. However, in the short term, if the $0.88 support is lost, it could lead to a drop to the $0.8 and $0.57 levels.$ADA
Bitcoin is currently trading at $96,400. Famous cryptocurrency analyst Ali Charts predicts that ADA Coin could reach $6 based on historical data. With Bitcoin falling to $95,696, altcoins also turned downward. Trading volume is usually low on Sundays, and this weakness is not unexpected. Considering that the new week will be a holiday period, institutional demand is expected to be weak. So what is expected in the long term?
Ali Charts states in the chart he shared that Cardano (ADA) could reach $ 6 while it is at $ 0.893. The analyst examines past price movements and emphasizes that ADA's current path is similar to the bull rally in 2020. The similarity between the first major correction in 2020 and the current correction is quite striking, and Ali Charts states that the next target for ADA is $ 6.
At the time of writing, the ADA Coin price is trading at $0.897. Investors who thought the price would rise in the last 24 hours witnessed the liquidation of $3.65 million worth of ADA Coin long positions. The billion-dollar liquidations this week have caused bulls to enter a difficult period even on the most exciting days. However, Trump's pro-cryptocurrency stance and the FED's obligation to accumulate Bitcoin may be if Republicans make the necessary arrangements. Trump will take office on January 20 and will fulfill his promises for 4 years.
Important institutions such as SEC, CFTC, FDIC are undergoing name changes and new names compatible with cryptocurrencies are being assigned. This is considered a positive development for the future of the cryptocurrency market.
In the short term, $0.88 stands out as the critical support level for ADA Coin. If it falls to this level, new support points of $0.8 and $0.57 may come to the fore. On the other hand, the $1.04 level is determined as the first target with Bitcoin's return. If this level is exceeded, $1.32 may come to the fore again as a target.