{"id":34763,"date":"2024-01-04T16:53:17","date_gmt":"2024-01-04T20:53:17","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34763"},"modified":"2024-01-04T16:53:17","modified_gmt":"2024-01-04T20:53:17","slug":"crypto-analyst-predicts-cardano-price-jump-in-january-heres-the-target","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/04\/crypto-analyst-predicts-cardano-price-jump-in-january-heres-the-target\/","title":{"rendered":"Crypto Analyst Predicts Cardano Price Jump In January \u2013 Here\u2019s The Target"},"content":{"rendered":"

Most cryptocurrencies such as Cardano (ADA) currently going through a consolidation period after weeks of intense price growth in December. Data from Coinmarketcap shows the big cryptos posting declines<\/a> in a seven-day timeframe, with some even plunging by double digits<\/a>.\u00a0<\/p>\n

Cardano hasn\u2019t been left out<\/a>, as it is currently down by 9.20% and 15.3% in the past 24 hours and seven days respectively. However, according to one crypto analyst, Cardano (ADA) could be gearing up for a 30-40% price surge that sends the token well past $0.80 this month.<\/p>\n

Cardano Consolidating After Price Surge<\/h2>\n

Cardano has been on a nice price surge, reaching a peak of 170% price gain in the last quarter of 2023. At the time of writing, the crypto is still up by 35% in the past 30 days despite the ongoing consolidation. According to a technical analysis shared by crypto analyst Captain Faibik on social media, Cardano is currently in a bullish pennant formation on the daily timeframe.<\/p>\n

Bullish pennant patterns are formed after an uptrend and indicate a continuation of the upward trend during a consolidation. For Cardano, the pole was a 77% price rally from $0.3759 to $0.6655 in the first two weeks of December.\u00a0<\/p>\n

It then traded in increasingly higher lows and lower highs, creating the pennant shape. If the pennant pattern holds, the analyst envisions a bullish breakout which would lead to a 30% to 40% bullish rally to the $0.8 price level.\u00a0<\/p>\n

$ADA<\/a> Bullish Pennant formation..!!<\/p>\n

Looks Promising for the Another +30-40% Bullish Rally..#Crypto<\/a> #Cardano<\/a> #ADA<\/a> pic.twitter.com\/53rYFF5Ws9<\/a><\/p>\n

\u2014 Captain Faibik (@CryptoFaibik) January 2, 2024<\/a><\/p>\n\n

What\u2019s Next For ADA Price?<\/h2>\n

Cardano is currently trading at $0.5567 with a 115% increase in 24-hour trading volume. Several indicators point to the cryptocurrency going on a price growth this year, along with the entire crypto industry.\u00a0<\/p>\n

For one, IntoTheBlock\u2019s Network Value to Transaction (NVT) ratio<\/a> of 3.09 suggests that the Cardano chain is currently undergoing high network transaction value against its market cap, which is often a bullish sign.<\/p>\n

In fact, the surge in December and the current consolidation in early January are still in line with a prediction by crypto analyst<\/a> Ali Martinez last year, who used historical data to predict a 2,300% surge to $6.<\/p>\n

Once Cardano\u2019s price pushes above $0.64 with strong volume, that will confirm the uptrend is ready to continue. On the other hand, if Cardano were to turn the support level of $0.55 level into a resistance barrier on the daily timeframe, it could denote weakness from the bulls which would negate the bullish sentiment in the short term. In such a case, we could see Cardano\u2019s price continue to decline to the $0.5 level.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Most cryptocurrencies such as Cardano (ADA) currently going through a consolidation period after weeks of intense price growth in December. Data from Coinmarketcap shows the big cryptos posting declines<\/a> in a seven-day timeframe, with some even plunging by double digits<\/a>.\u00a0<\/p>\n

Cardano hasn\u2019t been left out<\/a>, as it is currently down by 9.20% and 15.3% in the past 24 hours and seven days respectively. However, according to one crypto analyst, Cardano (ADA) could be gearing up for a 30-40% price surge that sends the token well past $0.80 this month.<\/p>\n

Cardano Consolidating After Price Surge<\/h2>\n

Cardano has been on a nice price surge, reaching a peak of 170% price gain in the last quarter of 2023. At the time of writing, the crypto is still up by 35% in the past 30 days despite the ongoing consolidation. According to a technical analysis shared by crypto analyst Captain Faibik on social media, Cardano is currently in a bullish pennant formation on the daily timeframe.<\/p>\n

Bullish pennant patterns are formed after an uptrend and indicate a continuation of the upward trend during a consolidation. For Cardano, the pole was a 77% price rally from $0.3759 to $0.6655 in the first two weeks of December.\u00a0<\/p>\n

It then traded in increasingly higher lows and lower highs, creating the pennant shape. If the pennant pattern holds, the analyst envisions a bullish breakout which would lead to a 30% to 40% bullish rally to the $0.8 price level.\u00a0<\/p>\n

$ADA<\/a> Bullish Pennant formation..!!<\/p>\n

Looks Promising for the Another +30-40% Bullish Rally..#Crypto<\/a> #Cardano<\/a> #ADA<\/a> pic.twitter.com\/53rYFF5Ws9<\/a><\/p>\n

\u2014 Captain Faibik (@CryptoFaibik) January 2, 2024<\/a><\/p>\n

What\u2019s Next For ADA Price?<\/h2>\n

Cardano is currently trading at $0.5567 with a 115% increase in 24-hour trading volume. Several indicators point to the cryptocurrency going on a price growth this year, along with the entire crypto industry.\u00a0<\/p>\n

For one, IntoTheBlock\u2019s Network Value to Transaction (NVT) ratio<\/a> of 3.09 suggests that the Cardano chain is currently undergoing high network transaction value against its market cap, which is often a bullish sign.<\/p>\n

In fact, the surge in December and the current consolidation in early January are still in line with a prediction by crypto analyst<\/a> Ali Martinez last year, who used historical data to predict a 2,300% surge to $6.<\/p>\n

Once Cardano\u2019s price pushes above $0.64 with strong volume, that will confirm the uptrend is ready to continue. On the other hand, if Cardano were to turn the support level of $0.55 level into a resistance barrier on the daily timeframe, it could denote weakness from the bulls which would negate the bullish sentiment in the short term. In such a case, we could see Cardano\u2019s price continue to decline to the $0.5 level.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34763","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34763"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34763\/revisions"}],"predecessor-version":[{"id":34770,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34763\/revisions\/34770"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34763"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}