ADACryptocurrency EducationIndustry AnalysisNews

Crypto Analyst Predicts Cardano Price Jump In January

2 Mins read

Most cryptocurrencies such as Cardano (ADA) currently going through a consolidation period after weeks of intense price growth in December. Data from Coinmarketcap shows the big cryptos posting declines in a seven-day timeframe, with some even plunging by double digits

Cardano hasn’t been left out, as it is currently down by 9.20% and 15.3% in the past 24 hours and seven days respectively. However, according to one crypto analyst, Cardano (ADA) could be gearing up for a 30-40% price surge that sends the token well past $0.80 this month.

Cardano Consolidating After Price Surge

Cardano has been on a nice price surge, reaching a peak of 170% price gain in the last quarter of 2023. At the time of writing, the crypto is still up by 35% in the past 30 days despite the ongoing consolidation. According to a technical analysis shared by crypto analyst Captain Faibik on social media, Cardano is currently in a bullish pennant formation on the daily timeframe.

Bullish pennant patterns are formed after an uptrend and indicate a continuation of the upward trend during a consolidation. For Cardano, the pole was a 77% price rally from $0.3759 to $0.6655 in the first two weeks of December. 

It then traded in increasingly higher lows and lower highs, creating the pennant shape. If the pennant pattern holds, the analyst envisions a bullish breakout which would lead to a 30% to 40% bullish rally to the $0.8 price level. 

ADA price chart from (Cardano crypto analyst)

ADA price falls to $0.55 | Source: ADAUSD On

What’s Next For ADA Price?

Cardano is currently trading at $0.5567 with a 115% increase in 24-hour trading volume. Several indicators point to the cryptocurrency going on a price growth this year, along with the entire crypto industry. 

For one, IntoTheBlock’s Network Value to Transaction (NVT) ratio of 3.09 suggests that the Cardano chain is currently undergoing high network transaction value against its market cap, which is often a bullish sign.

In fact, the surge in December and the current consolidation in early January are still in line with a prediction by crypto analyst Ali Martinez last year, who used historical data to predict a 2,300% surge to $6.

Once Cardano’s price pushes above $0.64 with strong volume, that will confirm the uptrend is ready to continue. On the other hand, if Cardano were to turn the support level of $0.55 level into a resistance barrier on the daily timeframe, it could denote weakness from the bulls which would negate the bullish sentiment in the short term. In such a case, we could see Cardano’s price continue to decline to the $0.5 level.


1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Related posts

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥 will not disclose your account information to any 3rd parties.