The price of Bitcoinabout the $100,000 It is the foundation for the rest of the crypto market to go for more. It is the case of Cardano (ADA), crypto in which technical indicators suggest that could reach $5 in Januaryaccording to Coingape.
The cryptocurrency sector has seen a reboundte notable, and major altcoins have shown significant advances. Bitcoin, for example, has surpassed the $100,000 mark, while Ethereum is approaching $4,000. This resurgence will likely have a positive impact on the price of ADA, potentially pushing it to reach the $5 milestone.
Cardano reached its last peak on September 2, 2021, at 3.10 dollarswhich is 63% below its current valuation.
Market enthusiasts are closely watching the resistance level of 1.20 dollars, as surpassing it could trigger a stronger rally for Cardano price prediction. Clearing this hurdle could set the stage for a retest of its all-time high of $3.10. With continued investor interest, a 300% increase to the $5 level could be within reach during an expected bull run. The relative strength index was at 61, a level where if the bulls gain more pressure, the RSI could reach the overbought region.
Most of the ADA holders are currently experiencing profits as theyue he 86% of the total ADA supply has atop price at the purchase price of the holders. On the contrary, 13% of ADA remains below purchase prices, while 3.84 billion ADA, representing 10.62% of the supply, hovers around the current price of $1.14. This distribution shows the positive sentiment prevailing among ADA investors.
As the cryptocurrency market strengthens, particularly with the recent rise of Bitcoin, Cardano’s price outlook looks promising. With great optimism within the ADA community and key resistance levels in sight, the $5 target for January is ambitious but achievable. This depends on the bullish momentum in the broader market continuing.
Cardano’s 70 and 200 period moving averages remain below the price, RSI down at 57 points and MACD lines above the zero level.
Medium and long-term resistance remains at $1,326. Meanwhile, Ei indicators are mixed.
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