2021 saw significant growth for the popular cryptocurrency, yet the past two years have been challenging. Despite gaining smart contract capabilities, Cardano failed to attract the expected interest. The Haskell language and other setbacks contributed to this situation. Moreover, competition increased during this period. However, the situation may not be as bad as it seems.
Since October 16, the weekly chart shows a steady price increase, closing green for six consecutive weeks. Although ADA’s price recently reached a local high of $0.41, it has not yet broken out of the long-term range it has been in for a year.
The RSI is rising, and despite a slight pullback in BTC, the price has not suffered significant losses. Crypto analyst RLinda argues that ADA Coin’s long-term resistance line has been broken, marking the end of the downtrend.
CryptoBusy eagerly awaits the breakout from the long-term range. If this happens next month, significant gains could be achieved. The analyst stated, “This price level has been fluctuating between support and resistance zones for over 2000 days. And this is just one of the technical reasons why ADA’s price isn’t rising right now. If the price breaks this resistance, we could see a major rise!”
Weekly chart readings are positive for the price. The RSI is supportive, and BTC holding at the $37,800 level is a good sign. Additionally, many positive developments are expected in 2024. As the New Year approaches, this could increase investors’ appetite for risk.
The biggest gain for ADA Coin investors was reclaiming the $0.35 resistance zone. Maintaining this crucial resistance area fuels bullish sentiment. The bullish divergence emerging in the RSI also supports the uptrend.