Important developments are taking place in the crypto markets and investors are optimistic for the coming year. Bitcoin is expected to reach new highs in 2024. So, what are the expectations for Cardano (ADA) Coin, one of the star altcoins of 2021?
Ethereum was the largest PoS network until it completed its transition to PoS last year. In addition, with the excitement of the Alanzo and Vasil updates, Cardano’s price remained strong. However, ADA Coin also reached new lows, affected by the significant drop in the last quarter of the year.
The last quarter of the year was promising for altcoins, including ADA Coin. ADA Coin, which lagged behind the market, started to recover. Current indicators suggest that the price may continue to rise this month. Bulls are facing an important resistance level that extends from the peak in November of this year to the end of 2022.
In addition to this resistance, the level just above the current level of $0.43 needs to turn into support. If the price can achieve this, it can target new highs.
The first target for ADA Coin is the $0.61 milestone. For Cardano (ADA) to make a complete turnaround, it needs to surpass the resistance around $0.86. The rising MACD currently supports bullish scenarios.
The monthly chart does not provide a clear reading due to the RSI being in neutral territory. Three weeks ago, after the price dropped from the trendline resistance, largely affected by fluctuations in BTC, it fell to $0.344. Now, as the king crypto aims for new highs, even consolidation at current levels can open the doors for significant rallies for ADA Coin. However, in the short term, the indicators on the four-hour chart are slightly discouraging as RSI and MACD do not support the rise.