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TheCryptoBasic

12/01/2023

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Cardano Price Primed for Potential 67% Rise in December as Analyst Spells Bullish Outlook For ADA

Cardano (ADA) recorded an impressive close to November, and per its historical trends, it might soar by 67.5% this month. Should Cardano repeat its historical pattern, it may jump from its current price of...

Cardano Price Primed for Potential 67% Rise in December as Analyst Spells Bullish Outlook For ADA

Cardano (ADA) recorded an impressive close to November, and per its historical trends, it might soar by 67.5% this month.

Should Cardano repeat its historical pattern, it may jump from its current price of $0.3819 to $0.6397 by the end of the month. The bullish picture the market is anticipating for Cardano for this month currently anchors on its key metrics and the potential to flip positively.

At the moment, ADA’s market capitalization comes in at $13,497,843,106, up 1.54%. Trading volume is catching up to the bullish tempo after dropping 6% to $259,270,427.

Cardano’s Optimistic Outlook: What History Shows

Data from Cryptorank.io shows the likelihood of Cardano ending December on a positive note, seeing the coin drop in the past two years. 

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Per the data, from as early as 2018, there has been an intermittent trend in Cardano’s price in December. December 2018 closed with ADA jumping 6.12%, followed by an 18.6% drop in December 2019. The cycle continues with a 6.44% gain in December 2020 and a 15.9% slump in December 2021.

ADA MONTHLY RETURNS
Cardano Monthly Returns | Cryptorank

The collapse of FTX and the impact of the crypto winter forced a 23.1% slump in December 2022, creating a logical assumption that a bullish close to this month is imminent.

The degree of growth remains subject to change as Input Output Global (IOG) might maintain its stellar developmental efforts and unveil a game-changing innovation that might change the outlook.

Analyst Stays Bullish on Cardano

Crypto market analyst and YouTuber LuckSlide is optimistic that Cardano is primed for a bullish uptrend this month as it is breaking off from the relatively bearish outlook it has been under since August 2022.

Cardano’s bullish sentiment is also maintained by other top market analysts, and by projections, the last few weeks of this year might showcase a never-before-seen momentum in ADA’s price.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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