Cardano (ADA) Price Approaching ‘Key Resistance’: Can It Make It to $1 Before the End of Q1 2024?

While the market participants appear to be extremely excited about the Bitcoin price soaring above $65,000, Cardano’s price is also soaring silently. The token was declared ‘dead’ a few months ago due to its low volatility and prolonged stay below the $0.5 price. The Cardano (ADA) price appears to be winning the race against the XRP price to reach $1 first as it is approaching a ‘key-resistance’ level. 

Ever since the price smashed an ATH at $3.16, the ADA price has been trading in a steep descending trend, losing over 90% of its value. After marking the lows, the price remained consolidated for over a year. However, the price has triggered a healthy rebound in the last few weeks of 2023, due to which it surged more than 200%. 

The crypto appears to be following a wave, which suggests the price could clear the crucial resistance at $0.8, which may pave the way for the token to reach $0.9 in the following weeks. 

After rebounding from the lows, the ADA price appears to be following Elliot wave theory and is following the 3rd wave, which may lead towards local highs. The weekly stochastic RSI is rising, which suggests the price could continue to surge high. Besides, the DMI remains bullish as +Di & -Di levels, which were converging, have been diverting apart. Besides, the ADX is close to the upper resistance, which suggests a trend reversal may occur after marking the local milestone. 

Alongside, the volume is rising at decent levels, indicating an increase in the trader’s activity. This could indicate that prices may remain volatile for the next few weeks and eventually hit the key resistance at $0.905. Here, the Cardano price encounters some bearish actions for a while, which may keep the token consolidated between $0.92 and $0.96 for a while. 

After accumulating strength for a while, the ADA price could trigger a fresh bullish action to reach $1 before the Bitcoin halving. However, the market sentiments could have been bullish after the halving, which could keep up the momentum, test the higher targets for the rest of 2024 and mark a new ATH.