Cardano Price: Will ADA crypto touch $1 by 2024?

• The ADA crypto, as of 10 December, rallied over 1.26% to $0.59, according to CoinMarketCap.
• About 4% of all crypto discussions on social media platforms have turned towards how the token has reentered crowd consciousness.
• The Money Flow Index (MFI) indicator showcases that the inflow and outflow of the money into Cardano is at the maximum.

Cardano (ADA) crypto is witnessing the best year since 2022. The ADA crypto, as of 10 December, rallied over 1.26% to $0.59, according to CoinMarketCap. The token has witnessed gains of over 60.0% in December.  

The ADA crypto’s rally has raised hopes that it may touch $1 by the end of the year. As the ADA crypto peaked at $0.633 on 9 December, trading volume has been one of the busiest since 2022. This has peaked the FOMO levels, with experts predicting that Cardano may have reached its peak. About 4% of all crypto discussions on various social media platforms have turned towards how the token has reentered crowd consciousness.

According to the Santiment, Cardano has hit a 1.5-year high, with volume, sentiment and discussion rates at the highest levels in 2023.  

Image Credit: Santiment Report

What’s the reason for the spike?

Cardano’s recent rallies have mainly been on the back of Bitcoin’s improved run on the crypto market. Bitcoin has been having its best time since the 2021 November bull run, registering gains of over 156.4% over the past year.  

The Money Flow Index (MFI) indicator showcases that the inflow and outflow of the money into Cardano is at the maximum. If the inflow continues to expand like this, it may lead to a breakout, leading to ADA touching the $ 1 mark by next year.

Image Credit: Trading View

Has the Cardano reached its peak?

Experts are betting that the Cardano rally has peaked and warned investors to be wary of price correction hitting the market soon. Analyst Ali Martinez suggested that he fears a sell signal could quickly set in.

Image Credit: Trading View

The RSI of the token indicates that it’s in a highly overbought zone at 89.02. The MACD is also showcasing a sharp upward trend, and it will be interesting if it crosses the breakout point of $0.7 by the end of the year. When writing, the ADA token had a live market cap of $21,18,29,48,632 with a circulating supply of 35,32,24,77,768 ADA coins.

Conclusion

In conclusion, Cardano’s recent bullish run has been a compelling testament to the project’s growing prominence and the increasing recognition of its underlying blockchain technology. As the cryptocurrency market experiences dynamic shifts, Cardano has emerged as a standout performer, attracting investors and enthusiasts alike.

While market dynamics are inherently unpredictable, Cardano’s bullish run suggests a growing appetite for platforms prioritising innovation, environmental sustainability, and long-term viability. As the blockchain ecosystem continues to evolve, Cardano’s trajectory will undoubtedly be closely monitored, and its achievements may pave the way for further advancements within the broader cryptocurrency landscape.   

Disclaimer

The information discussed by CoinCryptoverse does not offer any financial advice. This is for educational, entertainment, and informational purposes only. Trading in cryptocurrencies involves high risks, including the risk of losing some or all of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are highly volatile and may be affected by external factors such as financial, regulatory, or political events.