Bitcoin (BTC) has been moving within a narrow range for several days, providing a window of growth for altcoins. However, it recently dropped to $41,637 and is currently trading at $41,890. Despite positive expectations for the upcoming year, recent Grayscale resignations have caused confusion. Meanwhile, the focus shifts to Cardano (ADA) Coin and its market expectations.
ADA Coin started the day with a roughly 6% loss, priced at $0.584. Alongside ETH and XRP, other popular altcoins have also dipped into the red. ADA Coin’s price has been trading horizontally since the beginning of the year, as indicated by weekly chart analyses. After consolidating near the lower range, ADA experienced a rapid increase in October.
Reaching its annual peak at $0.68 on December 11, ADA Coin surged by 150% since October. It showed strong signals of ending its long-term downtrend, closing 9 out of the last 10 candles in green. However, ADA is more sensitive to BTC’s price fluctuations than the market average.
Analyses shared over the months highlighted that whale groups are not missing profit opportunities, suggesting they have fundamental reasons not to fear selling. Amidst growing competition, Cardano’s position may be increasingly challenging.
As we approach the new year, analysts have made their predictions for ADA Coin. Crypto Yapper, an analyst, expects a breakout from a symmetrical triangle formation, indicating a continuation of the upward trend. Similarly, BuyDipCrypto and another analyst known as Valeriya anticipate a bullish breakout from this pattern.
Elliot Wave Theory suggests that if we are at the peak of a five-wave rally, specifically in the third wave, and if the price moves into the fourth wave, sales could continue down to $0.5. However, if ADA Coin maintains closings above $0.68, it could rise to $0.88 and potentially $1.