Can Cardano Price Hit $5 By January?

Cardano is a popular coin that is under spotlight as Bitcoin maintains its position of over $100,000. With investor sentiment remaining bullish, investors can expect rally in ADA. Technicals suggest Cardano price could trigger a massive rally soon that could propel it to tag $5. But will this move occur before 2025 begins? 

Will Cardano Price Hit $5 In 2024?

The cryptocurrency sector has seen a remarkable rebound, with top altcoins showing significant advances. Bitcoin, for instance, has surged past the $100,000 mark, while Ethereum edges closer to $4,000. This resurgence will likely positively impact the ADA price, potentially pushing it to reach the $5 milestone.

In the recent 24-hour trading period, the ADA price climbed to $1.14, reflecting a 6% increase following consistent trading. Cardano last peaked on September 2, 2021, at $3.10, which is 63% below its current valuation.

Market enthusiasts are closely watching the $1.20 resistance level, as breaking through this could set off a stronger rally for Cardano price prediction. Overcoming this hurdle might set the stage for a retest of its all-time high of $3.10. With continued investor interest, a 300% surge to the $5 level could be within reach during an expected bullish run. The relative strength index is currently at 61, a level where, if the bullish gains more pressure, the RSI could reach the overbought region.

The majority of ADA holders are currently experiencing gains, with 86% of the total ADA supply priced above the holders’ purchasing price. Conversely, 13% of the ADA remains below purchase prices, while 3.84 billion ADA, representing 10.62% of the supply, hovers at the current price point of $1.14. This distribution showcases the prevailing positive sentiment among ADA investors.

As the crypto market strengthens, notably with Bitcoin’s recent surge, Cardano’s price outlook seems promising. With optimism high within the ADA community and key resistance levels in sight, the $5 target for January is ambitious but achievable. This depends on continued bullish momentum in the broader market.

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