Cardano (ADA) has experienced a significant price increase of almost 200% over the past month, surpassing the $1 mark. This rally suggests a possible reversal from a long downward trend and investors are wondering if ADA can reach new heights before 2024. Some analysts predict ADA could retest its all-time high of $3.11. The increase in regulatory activities and relief due to the resignation of the SEC chair has played a role in Cardano's price rise. ADA's development company, IOG, has dismissed the SEC's claims and provided assurances to boost optimism. However, ADA is currently in the overbought zone, indicating a potential for a short-term pullback or consolidation. Breaking through resistance levels at $1.10 and $1.20 could push ADA to test higher resistance levels such as $1.50. As long as Bitcoin maintains its bullish momentum, Cardano is expected to benefit from altcoin market inflows. Bitcoin's performance near $100,000 will also influence ADA's price action and overall sentiment in the cryptocurrency market.



Other News from Today