A morning star formed in Bitcoin with the 3.45% rise last night, and the altcoins mimic the price trend on a much larger scale. With Cardano, Avalanche, and Polkadot giving remarkable returns overnight, the ADA price tops the gainers list with a 15.57% jump.
Crossing the 200W EMA and sustaining above the psychological barrier of $0.50, Cardano pops out as a strong bullish token this month. With a 72.61% jump in the last 14 days, ADA buyers are optimistic about the bullish Cardano price predictions for December 2023.
Turning The On-Chain Tides
The remarkable rise in the intraday trading volume supports the ongoing run and reflects the rise in underlying demand. As per Intotheblock, on-chain analytics, the recent spike in large transactions hitting the $1.5 billion mark reflects the heightened interest in whales in the Cardano network.
Further, the ADA price enters the crucial zone between $0.64 and $0.84, as per the Global In/Out Of The Money(GIOM) indicator. As per GIOM, this range marks a critical juncture before the psychological mark of the $1 range.
Moreover, almost 58% of wallet addresses holding Cardano(ADA) are now in the money, in short, profitable after the recent price surge.
ADA Price Breakout Trend Exceeds $0.60
With the market cap of the eighth largest Cryptocurrency, Cardano, closing to almost $23 billion, it drives a fast-paced recovery mode. As buyers expect this trend reversal in ADA price to sustain and gain momentum, the altcoin may soon cross the $1 mark in early 2024.
In the weekly chart, the ADA buyers reclaim momentum to pump the long-coming trendline breakout rally. After briefly sustaining above the 50-week EMA, Cardano hits the pedal to the metal and skyrockets 50% in a week, continued by the 9.41% rally this week.
Further, this jump in ADA market value increases the likelihood of a golden crossover in the weekly chart as the bull run uplifts the 50-week EMA.
The ongoing recovery leads the MACD and signal lines on a positive path following the recent crossover event. Gaining momentum with the rise in bullish histograms, the indicator reflects a growth in underlying demand for Cardano.
Considering the ADA price sustains momentum, the buyers can breach the $0.70 level to reach the $0.84 mark, the 50% Fibonacci level. On a contrary note, a reversal before $0.70, the downtrend can result in a dip in Cardano to $0.55.
Was this writing helpful?
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
TapTax - Cardano Crypto Taxes Made Simple. Available Now!
Simplify your Crypto Tax experience! From a passive holder, to day trader, to NFT project, we have your taxes covered.BUY NOW!