OpenAI's Artificial Intelligence Tool Chat GPT -4o has proposed several scenarios for the Cardano (ADA) cryptocurrency on the last day of 2024.
Token is among the main beneficiaries of the current crypto market rally, breaking out of a prolonged consolidation below $1.
According to Chat GPT , on the last day of 2024, ADA's price will likely fluctuate between $1.25 and $1.40 (an increase of about 26% from its current value), depending on market sentiment, investor behavior, and broader economic trends.
Chat GPT predicts that in a neutral situation, ADA will trade around $1.10-$1.15, provided that market conditions remain stable. However, if the crypto sector experiences bearish sentiment, the AI tool predicts Cardano to fall below $1 by December 31.
Several fundamental and technical indicators support a possible short-term rally in ADA. According to renowned cryptocurrency analyst Ali Martinez, crypto whales amassed over 80 million ADA tokens in 48 hours on December 12.
Wallets holding between 100 million and 1 billion ADA are behind this recent buying spree. Large investor actions have always signaled upward price momentum or strategic accumulation phases.
Interestingly, according to blockchain analytics platform IntoTheBlock, as of December 14, a significant portion of ADA holders were in profit, which is likely to impact selling activity.
Crypto analyst CryptooELITES believes that ADA has broken out of a multi-year downtrend, signaling strong bullish momentum.
The cryptocurrency's technical setup shows that the token has formed a bullish cup and handle pattern, indicating a continuation of the uptrend.
In this case, ADA's rise above the 0.618 Fibonacci retracement level at $1.73 indicates growing investor confidence
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