Cardano (ADA) price has been trading sideways for the past three weeks. This consolidation comes after the cryptocurrency posted 57% gains this month. The outlook is looking more bullish as the price seems to have gained strength above a key resistance level.
As a result, ADA price looks set to post more gains in the coming weeks, provided the Bitcoin price action remains stable. However, on Tuesday, BTC’s price dipped below $42,000 and tagged a fresh weekly low of $41,630. This caused a 5.27% drop in the price of Cardano, which was trading at $0.59 at press time.
The broader altcoin market has been outperforming Bitcoin for the last few weeks. As the latter entered its consolidation phase after hitting $44,000 resistance, many altcoins kept making higher highs on their charts.
ADA price also hit its new 52-week high as it soared to $0.67 earlier this month. In fact, this was its highest level since June 2022. However, since then, it has faced almost a 15% correction.
Technical analysis shows that the current dip could be a good buying opportunity as the local bullish market structure remains intact. In fact, Cardano price prediction of $0.97 might become a reality if it breaks above the current range high of $0.69.
This prediction will be invalidated if ADA closes a day below $0.51. The price action of the next few days will be very critical in this regard.
This post was last modified on Dec 26, 2023, 19:11 GMT 19:11