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Cardano Ecosystem

Finbold

12/04/2023

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Is Cardano a buy in December?

Considering the currently very optimistic vibes in the cryptocurrency sector, Cardano (ADA) included, it is no surprise that many investors are interested in whether this particular digital asset, which...

Is Cardano a buy in December?

Considering the currently very optimistic vibes in the cryptocurrency sector, Cardano (ADA) included, it is no surprise that many investors are interested in whether this particular digital asset, which itself is taking its cue from market representatives, is a good buy in December – and it just might be.

Specifically, Cardano is one of the five crypto assets that the advanced text-based generative artificial intelligence (AI) platform Google Bard picked out as a potential buy in December based on their price performance and potential return on investment (ROI).

Indeed, according to Google Bard, “Cardano presents a promising investment opportunity due to its strong technical foundation, focus on research and innovation, growing ecosystem, environment sustainability, and strong community support,” as Finbold reported on December 3.

Analysis says ‘yes’

Furthermore, Cardano has been on a consistent upward move, and professional crypto trader Ali Martinez highlighted that its consolidation in mid-November mirrored that of the 2018-2022 phase, which means it could break through the $0.45 resistance and proceed to $0.75 by the end of December.

Cardano price action analysis. Source: Ali Martinez

More recently, Martinez observed a massive surge in large ADA transactions – those amounting to over $100,000 – in the last three months, “reaching new highs consistently,” pointing “to growing interest in ADA from institutional players and whales, which is usually a precursor to price spikes.”

Cardano large transactions. Source: Ali Martinez

Cardano price analysis

As things stand, Cardano is currently trading at the price of $0.40, recording a gain of 1.72% on the day, as well as growing its value by 5.18% in the last week and advancing 22.73% on its monthly chart, according to the latest information retrieved on December 4.

Cardano 30-days price chart. Source: Finbold

In conclusion, Cardano appears to be a good buy in December, considering that multiple crypto market analyses are seeing a price surge by the end of 2023, perhaps even hitting a new yearly high, which would be a massive advance considering that its highest price this year was $0.4542, reached on April 16.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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