Cardano Price Jumps 2% as Analyst Predicts a Rally to $1.45 Soon

Highlights:

• Cardano’s price soars 2% to the $0.8927 mark as investor confidence builds in the market.
• Coinglass data indicates a rise in ADA Futures’ Open Interest and volume. 
• Crypto expert predicts a rally to $1.45 if the crucial support levels hold. 

Cardano’s price has elevated 2% to trade at $0.8927 as the crypto market creeps back with just a few days to go to the new year. The spike in interest has notably seen ADA’s daily trading volume jump 18% to $836.8 million. The market cap has notably soared 2% to $31.35 billion, gaining a spot among the top ten cryptos at #9. These figures indicate growing investor confidence, which could trigger a rally above $1 soon. 

Furthermore, Coinglass data indicates a rise, showing that ADA Futures Open Interest and volume rose 1% and 12%, respectively. This shows increased investor confidence in the ADA market. 

The recent recovery has fueled speculations over a potential rally in Cardano’s price. Elsewhere, top market expert Rose Premium Signals recently predicted that the ADA price will rally to $1.45 if it holds crucial support. 

Cardano ( $ADA):#Cardano is approaching a key support level at $0.7620, presenting a strong potential for a bullish reversal. If the price holds this level, a breakout above $1.00 could trigger a rally toward $1.45 and higher.

Support: $0.7620
Resistance: $1.00, $1.45

Watch… pic.twitter.com/Lgpx7KLlQy

— Rose Premium Signals 🌹 (@VipRoseTr) December 26, 2024

In a recent X post, the analyst said that if ADA maintains above the $0.7620 mark, the price could target $1 next. Once the $1 barrier is breached, the crypto will rally to $1.45 or higher in the coming days. 

Cardano Statistica Data

Based on CoinmarketCap data:

• ADA price now – $0.8927
• Trading volume (24h) – $836.8 million
• Market cap – $31.35 billion
• Total supply – 44.99 billion
• Circulating supply – 35.13 billion
• ADA ranking – #9

Cardano’s price has dipped in recent days following the crypto market downturn. However, the token is currently at $0.89, a 2% increase in the past 24 hours. This recent downturn follows a pattern of fluctuations, which has raised concerns over the potential for a prolonged bearish trend.

Cardano Price Technical Outlook

A zoomed-out view of the technical indicators paints a concerning picture for ADA. The daily chart analysis reveals a distinct downtrend if the bulls do not bring down the resistance at $0.93. This particular move may influence the asset’s next movements.

The Cardano price has entered a consolidation period, which may act as an accumulation phase before the rally. The bulls have established strong support at $0.50, enabling them to take control. However, to be safe, the bulls must uphold above the $0.93 level to allow already sidelined traders to join the trend without any fear of price correction. 

The RSI is at 43.79, suggesting dwindling buyer momentum. Its position below the 50-mean level indicates that the bearish trend may continue if the bulls don’t gain strength.

Worsening the outlook is the Moving Average Convergence Divergence (MACD), which is pulling away from the buy signal. Moreover, the MACD indicator has plunged below the neutral line to negative territory. This indicates that the momentum remains bearish, with the histogram showing a slight decrease in strength. Although the bars are shrinking, suggesting weakening downward pressure, a crossover of the MACD above the signal line could indicate a short-term reversal.

Will Cardano’s Price Rally to $1.45?

The bulls and bears in the ADA market seem to be tugging at each other as they attempt to take control. However, if the bulls break through the $0.93 resistance, the token may rally to the $1.12 mark. In a highly bullish case, the token may reach $1.32 or above to $1.40.

On the flip side, the bears might gain control, causing Cardano’s price to fall through. If bears capitalize on the resistance barrier at $0.93, the bearish pressure could drag ADA toward the crucial $0.76 support area. Traders and investors should keep an eye on these levels, awaiting a possible turnaround or further deterioration.