The cryptocurrency markets have been on the rise for over two months, and the way Bitcoin has been overcoming tough resistances is exciting. At every barrier where popular analysts were sure of a major price correction, BTC reached new highs. Movements reminiscent of the bull season suggest that a repeat of the year 2021 might be approaching. So, how much will ADA Coin be worth?
ADA Coin Analysis
A $1 target is not far-fetched for ADA Coin because it has previously tripled that amount. Moreover, despite the launch of many strong competitors in the last bear season, it still maintains its position among the largest cryptocurrencies. We have seen many altcoins erased from the best lists over the years, yet Cardano (ADA) stands firm, like a veteran of war.
On December 13th, ADA Coin reached its peak for 2023, hitting $0.68, marking the best price since May 2022. The 430-day resistance area was broken. The RSI is exciting because we saw a similar rapid recovery followed by a journey to the All-Time High (ATH). Moreover, if BTC continues to hold $42,000, even with short-term fluctuations, new highs could be seen in the medium term.
Will ADA Coin Hit $1?
Elliot Wave Theory readings can yield good results in such quick rallies. Like many altcoins, ADA Coin’s chart shows that we are in the third wave of a five-wave uptrend. This phase usually leads to strong peaks.
A crypto analyst named SatoshiTalks speculated that the recent rally was born as a result of the increase in the total value locked (TVL) on the network.
“Cardano’s DeFi ecosystem is approaching a TVL of $450 million and has witnessed a significant rise. This happens as crypto investors show interest in Ethereum alternatives.”
The TVL growth, which led to an 80% increase, feeds optimism for ADA Coin’s long-term price. Returning to Elliot Wave counting, the third wave could be 2.61 times the length of the first wave. Accordingly, a $1 target seems reasonable.
However, if the fourth and corrective wave begins (as BTC is preparing to close its first red candle after eight weeks), a drop to $0.5 could occur. Before the pullback, closing above $0.7 is necessary to target the $1 peak, with the next targets being $0.88 and $1.