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๏ปฟAnjali Belgaumkar
๏ปฟAnjali Belgaumkar
Author
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto โEnthusiastโ but trust me I'm getting there.
- Dec 12, 2024 06:19 UTC
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Cardano Price Prediction Today: ADA Bulls Target $1.72
Cardano price prediction today: ADA could rise to $1.72 or face a larger correction. Key support at $0.64, resistance at $1.15-$1.27.
Cardano price shows potential for a short-term rally, but watch for fluctuations as ADA faces resistance and key support levels around $0.64.
Cardano (ADA) is currently up by more than two percent and is trading close to the $1.20 levels. The important support area to watch is between $0.83 and $1.06. There are two potential pathways for ADA from here.
Pathway 1: Price Continues Higher
In this scenario, ADA could continue rising directly in a five-wave move to complete wave five of the larger third wave. This move might push ADA to levels around $1.42, potentially even $1.72 before a larger correction begins in wave four. Afterward, a rally in wave five could occur.
Pathway 2: Larger Fourth Wave Unfolding
The second possibility is that ADA is already in the larger fourth wave. In this case, the price is forming an ABC structure as part of wave four. Both pathways are plausible, but the first option, with one more push higher, seems to be the preferred outlook.
Want to know where Cardano is headed in the long run? Read our long-term Cardano price prediction for expert insights and future targets!
Key Support Level to Watch
The key support level to watch is $0.64, which is a 50% retracement of the rally that began in November. If ADA drops to this level, it would mean a more significant pullback before the next move up. The price could also move higher in the short term before this support is tested.
Short-Term Movements and Market Influence
In the short term, ADA may show some fluctuations, as it is closely tied to Bitcoin’s performance. Bitcoin dominance is currently decreasing, allowing altcoins like ADA to recover. However, ADA’s next resistance zone is between $1.15 and $1.27. This area could cause some resistance, as it aligns with previous price levels and volume profiles.
Resistance and Future Targets
If ADA faces rejection at the $1.15 to $1.27 area, a possible decline in a five-wave structure could lead to a C-wave down. In that case, ADA might find support around $0.76.
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FAQs
According to our Cardano price prediction, the altcoinโs price could hit a maximum of $2.42 by the end of 2025.ย ย
Even the most bullish of Cardano supporters acknowledge that Cardano will only potentially surpass Ethereum within 8 to 10 years.
At the time of writing, the price of 1 CardanoADA token was $0.584.
Yes 
No 
