According to a well-known analyst, Ali, Cardano (ADA) could be preparing for a massive bull run in the world of cryptocurrencies, which are known for their volatility. This comes after ADA dropped by 50% over the past month alone, which may present an excellent opportunity for investors to buy low before prices potentially explode upwards.
Historical trends are what forms the basis of Ali’s prediction about Cardano’s price movement. As an example, in 2019 ADA went through some consolidation where it traded within a parallel channel – this acted as an indicator that we were nearing the end of the bear market. When this phase was over and done with Cardano broke out from this channel with a 75% surge before correcting itself downwards by 56%. This was followed by an amazing bullish climb of 4,095%.
Fast forward to 2023, and a strikingly similar pattern has emerged. Cardano once again consolidated within a parallel channel, marking the end of the bear market. Following this stagnant phase, ADA broke out with a 72% surge. Now, the cryptocurrency has undergone a 50% price correction, potentially setting the stage for another impressive bull run.
While history doesn’t necessarily repeat itself, the analyst notes that it often rhymes. If this holds true for Cardano, investors may want to position themselves for what could be coming next, as the recent price correction could be one of the last opportunities to buy the ADA dip before a potential upswing.
Cardano Price Predictions For 2024
At the time of writing, Cardano is trading at $0.467923 with a 24-hour trading volume of $296 million. It has seen a 3.53% increase in the last 24 hours and currently ranks #10 on CoinMarketCap with a market cap of $16 billion. Technical analysis from Changelly suggests a bearish market sentiment, with a Fear & Greed Index score of 48 (Neutral). Over the last 30 days, Cardano has had 13 green days (43%) and experienced 11.21% price volatility.
Predictions for 2024 suggest that ADA prices could range between $0.429 and $0.512 at lowest and highest respectively, with an average trading price of $0.594 expected to prevail; if this holds true then investors stand to gain a 5.3% return on investment (ROI).
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