Cardano Price Prediction as Bulls Hold $0.57 Level – Here’s Where ADA Might Head Next

cryptonews.com:

The Cardano price has dropped by 1% in the past 24 hours, slipping to $0.5754 as the wider market cools off a little following the SEC’s approval of several Bitcoin ETFs.

ADA is now up by 4% in the past week, and while it’s actually down by 6% in a fortnight, it remains up by 1% in a month and by 80% in a year.

And given that it hasn’t risen by as much in the past month as other altcoins, it’s, therefore, arguably due a better-than-average rally in the next few weeks and months.

This is particularly the case when Cardano remains one of the fastest-growing layer-one networks in crypto, one which justifies a much higher price for ADA in the long run.

ADA’s chart is in a potentially promising position, in that it has begun to show signs of growing momentum, yet is nowhere near entering overbought territory.

For instance, its relative strength index (purple) has only just clear 50, so it has plenty of room to continue rising before passing 70 and getting too hot.

Likewise, ADA’s 30-day average (yellow) has resumed rising again after flattening out over the previous week, a sign that the coin may be in for further gains in the coming weeks.

However, it should be noted that ADA’s 24-hour trading volume remains fairly modest, standing currently at around $850 million, which is still some way below the $2 billion levels it saw in early December.

It seems that ADA is a less ‘sexy’ alt than many of its nearest rivals (such as ETH and SOL), with there being few signs that whales are going for the coin in any substantial way.

Having said that, this could change in 2024, with the first CoinShares report of the year showing that ADA enjoyed $3.7 million in fund inflows during the first week of January.