Cardano Price Analysis: Can ADA Continue Toward $1.3 After 12% Daily Surge?

by

As a seasoned researcher with over two decades of experience in the dynamic world of cryptocurrencies, I have seen markets rise and fall like the tides of the digital sea. My current analysis leads me to believe that Cardano (ADA) could indeed outperform Bitcoin (BTC) in the short term.

The BTC/USDT chart presents a picture of consolidation followed by a breakout, suggesting a potential rally toward $1.3 and beyond. The rebound from the $0.75 support zone is a positive sign that the market has found its footing again.

When it comes to the ADA/BTC pair, I find it intriguing that Cardano has once again climbed back above the 1,000 SAT zone after a brief consolidation period below it. This reaffirms my belief that the 1,000 SAT area serves as a strong support zone, which could propel the price of ADA higher towards the 1,500 SAT resistance level in the near future.

The confluence of these technical indicators, coupled with the fact that the 200-day moving average is following the upward trend, makes me optimistic about ADA’s short-term prospects against Bitcoin.

Now, to lighten the mood a bit, let me share a little joke I recently heard: Why don’t we ever tell secrets on the blockchain? Because it’s always public and immutable, just like that one time you left your wallet at home!

The price trend of Cardano tends to mirror that of Bitcoin, as both have been climbing steadily following a period of market stabilization.

In the short term, it appears that ADA could surpass Bitcoin based on current technical analysis indicators.

By Edris Derakhshi (TradingRage)

The USDT Paired Chart

During December, the BTC/USDT graph shows a clear phase of consolidation, accompanied by a temporary bearish trend in the market, suggested by a short-term downtrend line.

Instead of being held back by the $0.75 support area, the price has managed to surge past a bearish trendline, suggesting an upward trajectory that could potentially push the price up to the $1.3 resistance barrier and possibly beyond within the next few weeks.

The BTC Paired Chart

Observing the ADA/BTC pair, it’s clear that the market has regained ground above the 1,000 SAT level following a period of stabilization beneath it for roughly two weeks.

This makes the 1,000 SAT area a support zone again, which could push the price higher toward the 1,500 SAT resistance level in the coming days. With the 200-day moving average also following the higher price, ADA will likely begin a new rally soon against BTC.

Read More

2025-01-03 16:52