Cardano’s price action is doing what it does best—keeping us on our toes. If you’ve been following the four-hour Elliott Wave charts, you’ll know there’s plenty to unpack here. The rally from its June 2023 lows, as of the December 19 update, still looks like it’s got room to run, thanks to its impulsive wave structure. The team at ElliottWave-Forecast has been pretty clear: don’t even think about selling right now. Instead, buy the dips—specifically in those juicy “blue box” areas where opportunity seems to lurk. Follow these details.
Source: Coinmarketcap Elliott Wave Analysis: December 19
By December 19, the four-hour Elliott Wave chart pointed to a completed cycle from the August 5 low, ending wave ((3)) at $1.327. Naturally, what goes up must pull back, and ADA did just that in wave ((4)). This wasn’t your basic retracement—it was a textbook Elliott Wave double three pattern. Here’s how it played out:
Source: TradingView
Wave (W) bottomed out at $0.911.
Wave (X) teased us with a bounce to $1.182.
Wave (Y)? Right into the anticipated “blue box” zone between $0.766 and $0.507.
If you had some buy orders lined up here, good for you. This was where the pros expected buyers to step in, aiming for another leg up—or at least a decent three-wave bounce.
Latest Update: December 23
Fast forward a few days, and the December 23 update confirmed what many were hoping for—a reaction higher from the blue box area. If you followed the analysis, you probably secured a solid, risk-free position by now.
Source: TradingView
But here’s the catch: ADA still needs to break above that $1.327 resistance to really open the floodgates toward $1.461–$1.677. Until that happens, the possibility of another correction can’t be ruled out. Isn’t crypto fun?
Current Metrics and Sentiment
At the time of writing, Cardano is trading at $0.887678, holding steady despite recent volatility. Here’s where things stand:
50-Day SMA: $0.863138
200-Day SMA: $0.496105
Fear & Greed Index: 70 (Greed)
The sentiment is neutral, but the Fear & Greed Index tipping toward greed might signal a little FOMO creeping in. With 14 green days out of the past 30 and volatility at 8.84%, there’s definitely some excitement in the air—albeit with a side of caution.
Near-Term Price Capture
Brace yourself: Cardano could see a 24.57% jump, hitting $1.118328 by January 22, 2025, if the forecasts hold up. In the immediate term, a modest increase to $0.897733 is on the table for tomorrow. That’s not bad considering the recent 17.09% drop over the past week. This market has its ups and downs—literally.
ADA Price Stretch for 2024
Looking at the year ahead, analysts predict ADA will trade between $0.824937 and $0.897733, averaging around $0.867814. That’s a modest return of about 1.57%—nothing to write home about, but hey, it’s better than red ink.
December 2024 Projection
As 2024 winds down, Cardano’s price is expected to hover within the same range, with an average price of $0.867814. Short sellers might find some opportunities here, with a potential profit of 6.65% if the predictions pan out. But for the rest of us, it’s a game of patience as ADA continues its dance.
Cardano’s Elliott Wave structure and market data paint a cautiously optimistic picture. While the $1.327 level calls for caution as the next big hurdle, a potential 24.57% gain by early 2025 offers some hope for those holding long. As always in crypto, stay sharp, follow the charts, and don’t let the fear—or greed—get to you.
FAQs
1. What is Cardano’s price prediction for January 2025?
Cardano is expected to rise by 24.57%, reaching $1.118328 by January 22, 2025.
2. What is the key resistance level Cardano needs to break?
Cardano needs to break above $1.327 to confirm its next bullish extension toward $1.461–$1.677.
3. Is now a good time to buy Cardano?
Based on the current analysis, yes—especially near the blue box areas, as buying opportunities are favorable for potential upside.
The post Cardano (ADA) Price Performance and Forecast, Dec. 23: A Technical Update Points to “Don’t Sell Mode” appeared first on Coinfomania.
