After nearly tapping the $0.70 mark, Cardano (ADA) seems to be struggling to keep its position above 60 cents. So, let’s examine what’s up with this coin and see whether it has a chance of ever reclaiming the $1 territory it lost more than a year ago.
As of trading time on Wednesday midnight, Cardano has lost 3% of its value on the 24-hour chart as it treads the $0.60 line. During this time, ADA went to a low of $0.58 and a high of $0.62. This puts the market cap of its 35.36 billion circulating supply at $21.49 billion. Within that bracket, however, is a 35% rise in its trading volume as $825.82 ADA moved between wallets and crypto exchanges.
Despite its rather stale status during the Christmas break, let’s not discount the fact that Cardano has been performing well on the broader charts. Zooming out the graphs reveals ADA’s 5% growth over the week and a whopping 57% increase in price throughout the month. Meanwhile, the coin has posted a 129% gain in the yearly frame.
The numbers are still 80% away from ADA’s all-time high of $3.10 back in September 2021.
A Decisive Phase
Despite Cardano’s lack of significant movements as it went sideways during the holiday, analysts claim that its price may be heading to a breakout soon. So far, ADA has established a strong base around the 60-cent area and its trajectory has been trailing between the 30-day and 200-day exponential moving average (EMA).
As the points between its resistances and supports narrow down, we are now noticing a bullish pennant forming up. We might see it trade within the $0.61 range within the week with a possible move towards the $0.70 range at year-end.
If this is the case, we still have a long way to go before reclaiming the $1 mark. This could be a whole new story though if Cardano has major announcements up its sleeve on the way to 2024. But then again, the team behind the blockchain has already released their final report for the year last December 15, so let’s not get our hopes up on this one.
Based on the development updates of Cardano’s upcoming version 9.0 release, the blockchain has launched 153 projects and is home to 9.17 million native tokens.
How it will be influenced by the present spot Bitcoin (BTC) exchange traded fund (ETF) saga in the US is another interesting angle to consider.