ADA is retesting the support level and could be gearing up for a big breakout move, which can be profitable in the medium term.

In this article, we will look at the current price analysis along with weekly analysis and news roundup of cardano.

Cardano Price Prediction

The price of Cardano (ADA) is $0.5274. This represents a -8.50% price decline in the last 24 hours and a -12.80% price decline in the past 7 days. With a circulating supply of 35 Billion ADA, Cardano is valued at a market cap of $18,594,714,757.

Retesting above the double bottom neckline. Eyes on the retest.

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Weekly Price Analysis

Cardano has been trading in bearish territory, hovering around $0.5 with a few spikes. The selling pressure on the coin has been quite significant for the past week, as it failed to break above the $0.6 resistance level.

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The coin also faced a strong support at $0.45, which prevented further losses. The coin is currently trading below the 50-day and 200-day moving averages, indicating a downtrend.

Future Outlook

Some crypto analysts have predicted that Cardano could experience a significant price surge soon enough. For example, Guy Turner said that Cardano could reach $4 by the end of 2024, based on its fundamentals and technical analysis.

He also gave an insight into what price levels the crypto token could hit in the short term, such as $0.8 by the end of January and $1.2 by the end of February. However, he also warned that the coin could face some volatility and corrections along the way.

News Roundup

Here are some of the top news stories about Cardano in the past week:

Cardano’s founder Charles Hoskinson announced the launch of the Alonzo hard fork, bringing smart contract functionality to the blockchain. Over 100 smart contracts were deployed in the following 24 hours after the launch.
Cardano whales have been going crazy on ADA buys, as they anticipate a price explosion in 2024. According to data from Santiment, the number of addresses holding more than 10 million ADA has increased by 8% in the past month, reaching a new all-time high of 504.
Cardano’s DeFi ecosystem has grown rapidly in the past few weeks, as the total value locked (TVL) of all Cardano-based tokens jumped to over $440 million, crossing the previous peak of $330 million set in April. Some of the leading protocols on Cardano are Indigo, Minswap, Djed, LendFi, and Spectrum Finance.

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