Cardano ($ADA) is traditionally known for its slow and steady price change. However, that has changed recently. The coin is up 16.53% in the past 24 hours, and trading volume has surged by 144.29% in the past 24 hours to reach $2,670,905,148. Before that, on December 8, the token gained around 27.5%.
Cardano Address Activity Rising
On-chain data shows that daily active addresses have increased significantly, reaching 3-month highs in the past 24 hours.
A steep rise in active accounts indicates that interest in a coin is rising. It often leads to a positive impact on its price. The number of new addresses is also rising after a long lull in recent weeks. It suggests new capital flows into Cardano, which will help bolster the price.
Cardano Price Forecast
Cardano is one of the most bullish coins of 2023. Its price rose from around $0.392 to $0.58 in just a few days. On December 9, it broke through the critical resistance level of $.60. Having surpassed $0.60, Cardano now appears to have broken free of the losses incurred from the FTX collapse. The bulls are committed to pushing the price towards a new resistance point of $0.80.
However, as $ADA reaches levels last reached in August 2022, a minor pullback may occur as some holders take profit. Despite this, the bulls seem confident they can maintain their momentum, pushing ADA above $0.80. They must overcome the critical resistance point of $0.685 to do that.
How High Can Cardano (ADA) Rise?
The price analysis for Cardano using daily time frames supports its current upward momentum. Consequently, some analysts believe that Cardano could hit the $1 mark before the end of 2023. That is a bold projection with less than three weeks until the end of the year. However, the data supports their prediction.
If Cardano breaks past the critical resistance level of $0.80 in the coming weeks, nothing will hold it back from the $1 price and beyond. Some analysts believe that the price of ADA could reach $2 by 2027. However, that will depend on various factors.
The most realistic prediction is that Cardano will remain slightly above $1 going into 2024 if market conditions hold.
Should You Buy Cardano (ADA)
As a long-term hold, ADA is a great option. However, like other crypto investments, there is always risk.
One of investors’ biggest qualms with Cardano is that the project often appears to be a ghost chain due to low activity. However, that has started changing recently, with active accounts increasing. Another issue with ADA is the regulatory risk. According to the SEC, ADA coins are unregistered securities. However, the victory of Ripple Labs in its lawsuit with the SEC has helped boost confidence in the project’s future.
Cardano is not a likely breakout candidate for the coming weeks. However, that could all change in 2024.
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