As the final week of December approaches, the year 2024 is drawing to a close amidst a busy news cycle. Investors are on edge with the anticipation of the Spot Bitcoin ETF approval, which experts have touted as one of the most significant financial events in the last 30 years. Meanwhile, the ADA Coin community is curious about the latest developments in the cryptocurrency‘s performance.
The weekly chart indicates a gradual price increase for ADA Coin since October, with a peak at $0.68 on December 14th. However, the recent Bitcoin correction has led to a short-lived high, as evidenced by a long upper wick signifying a price drop due to sell-offs.
The RSI is struggling to climb, with the price hovering above $0.62. The ADA Coin’s fate seems closely tied to Bitcoin’s price performance. Weekends typically show weak volume and sideways movement, but the upcoming week holds promise due to the strong expectation of the Spot Bitcoin ETF approval.
With Bitcoin potentially starting the new week on a strong note, ADA Coin’s price may attempt to surpass its 2023 peak once again.
However, the daily chart readings are not as optimistic for ADA Coin’s short-term performance. Two main reasons are the RSI reading and the Elliot Wave count, which is often used to predict price movements and measure the extent of progressive movements. According to the daily chart, ADA Coin has entered the fourth wave of a five-wave upward trend, suggesting that the $0.68 resistance level may not be breached soon, and a correction to $0.5 could occur instead.
Prominent crypto analyst Blue Crypto suggests that if the main resistance level of $0.68 is broken, ADA Coin could quickly rise towards $0.9. Despite a bearish RSI trend, if ADA Coin manages to close above $0.68, it could signal an extension of the third wave, potentially leading to a price increase to the $0.88-$0.9 range highlighted by Blue Crypto.
