The post Cardano Price Prediction: ADA Price Might Hit $0.75 By December appeared first on Coinpedia Fintech News
The race to attract institutional money has spiked altcoins’ daily average traded volume. Cardano (ADA), a leading smart contract-enabled blockchain and multichain ecosystem with approximately $255 million in total value locked (TVL), has significantly benefited from heightened altcoin speculation. As of this report, ADA’s price has surged by about 60 percent in the past four weeks, trading around $0.40 during the mid-London session on Thursday.
This medium-capped altcoin has rallied approximately 10 percent in the past 24 hours, reaching a major resistance level that will test the bulls’ resilience.
ADA Price Analysis: Bullish Momentum
Cardano’s price has gained notable bullish momentum, having consolidated below 41 cents and above 24 cents since October 2022. For the first time in 12 months, ADA’s weekly Relative Strength Index (RSI) has rallied above 50 and is now retesting the 70 level. ADA’s bullish momentum is further supported by the 50 Moving Average, which has acted as a robust support level for the past three consecutive weeks.
How Far Can Cardano Price Rally Before New Year?
According to veteran crypto analyst Ali Charts, Cardano’s price is well poised to reach 75 cents by the end of this year. However, the analyst pointed out that the bullish sentiment is contingent on ADA’s ability to rally beyond 45 cents by the first week of December.
The Cardano developers have been diligently working on onboarding mainstream users, primarily through web3 projects that require fast, highly affordable, and secure transactions. Consequently, the Cardano team has been focusing on the Hydra head project, enabling seamless scalability on the mainnet without requiring hard forks.