Cardano (ADA) Price Prediction: Target Breakthrough to $1.67 Before Year-End
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As Bitcoin
Bitcoin
$106,619
approaches the $108,000 mark, buying pressure in the altcoin sector is surging. The total market capitalization of cryptocurrencies, excluding Bitcoin and Ethereum
Ethereum
$3989
, has soared by 1.73% in the past 24 hours, reaching $1.08 trillion.
As the situation for altcoins continues to improve, Cardano
ADA
$1.10
is at a crossroads with increasing bullish opportunities. Will Cardano set a new 52-week high before the end of 2024?
Cardano's target breakthrough is $1.67
In the two-hour price chart, Cardano's price trend shows a long-term resistance trend line. Cardano's price has found key support near $1.054.
This key support area coincides with the 38.20% Fibonacci level. Currently, the ADA price trend within the triangle pattern reflects the potential for a double bottom reversal.
Additionally, the horizontal trend within the triangle pattern forms a consolidation range. The 38.20% and 50% Fibonacci levels at $1.054 and $1.101 respectively serve as two boundary levels. Thus, a breakout from the triangle will also signify Cardano surpassing that range.
The reversal bounce is challenging the upper resistance trend line, suggesting a bullish breakout. The two-hour RSI line supports the bounce trend, indicating bullish divergence within the triangle pattern.
Cardano's bounce trend aligns with the resistance trend line, challenging the 50% Fibonacci level. Furthermore, if a strong close is achieved above the resistance trend line, Cardano's price is expected to reach the previous high of $1.327.
According to Fibonacci levels, the continuation of the upward trend could reach $1.46, or based on the 1.272 and 1.618 Fibonacci levels, it could reach $1.67. Therefore, technical analysis and the recovery of the Cardano network suggest that the ADA token price may reach $1.67 before the end of December.
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