Cardano

Rally

Snek

Captain

<p>The post <a href="https://coinpedia.org/price-analysis/cardano-price-analysis-ada-price-poised-for-40-rally-soon/">Cardano Price Analysis: 40% Rally on the Cards, Ethereum to Be Left Behind?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/price-prediction/cardano-price-prediction/">Cardano (ADA)</a>, a prominent smart contract-focused cryptocurrency, has demonstrated a remarkable recovery, marking a significant shift in its market trend. Since the end of the 2021 bull run, ADA has been experiencing a bearish trend. However, closing the fourth quarter of 2023, it has shown a bullish outlook, registering an impressive gain of over 170%. </p> 
<p>The renewed interest in <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/">ADA’s value</a> can be mainly credited to growing liquidity and increased trading on both centralized and decentralized financial (DeFi) platforms. Notably, the open interest in ADA has risen sharply, moving from under $100 million in October to over $300 million recently.</p> 
<p>Now, what next? Read on to discover more about your favourite cryptocurrency!</p> 
<h2 class="wp-block-heading" id="h-ambitions-run-high">Ambitions Run High</h2> 
<p>Cardano’s goal to challenge <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/">Ethereum’s leading position</a> in the DeFi sector is gaining momentum. By emphasizing the broader adoption of smart contracts, Cardano has secured a Total Value Locked (TVL) of approximately $424 million. Although this is a significant achievement, it still trails behind Ethereum’s impressive $29.9 billion. </p> 
<p>The rising popularity of Cardano’s DeFi protocols and meme coins, especially Snek (SNEK), has sparked discussions within the crypto community.</p> 
<p>Also Read: <a href="https://coinpedia.org/price-analysis/which-altcoin-will-hit-1-in-january-2024-cardano-ada-or-ripple-xrp/">Which Altcoin Will Hit $1 in January 2024: Cardano (ADA) or Ripple (XRP)?</a></p> 
<h2 class="wp-block-heading" id="h-ada-s-potential-growth-and-technical-analysis"><strong>ADA’s Potential Growth and Technical Analysis</strong></h2> 
<p>Looking at ADA’s short-term price trends, technical experts are optimistic. The daily chart shows an ascending triangle pattern, indicating potential bullish movement. Captain Faibik, a respected crypto analyst on the X platform, suggests that if ADA can close above this pattern’s upper boundary, it might aim for the 80-cent level.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> Bullish Pennant formation..!!<br><br>Looks Promising for the Another +30-40% Bullish Rally..<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a> <a href="https://twitter.com/hashtag/ADA?src=hash&amp;ref_src=twsrc%5Etfw">#ADA</a> <a href="https://t.co/53rYFF5Ws9">pic.twitter.com/53rYFF5Ws9</a></p>— Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1742050724094357554?ref_src=twsrc%5Etfw">January 2, 2024</a>
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<p>Further supporting this positive view is ADA’s weekly <a href="https://coinpedia.org/traders/relative-strength-index-rsi/">Relative Strength Index (RSI)</a>, which has surpassed the key level of 70 for the first time since 2021. Additionally, analyzing ADA’s weekly chart using the <a href="https://coinpedia.org/traders/what-is-elliott-wave-theory/">Elliott wave theory</a> suggests that the cryptocurrency is setting up for a third bullish phase, possibly similar to Bitcoin’s past performance. Considering these technical insights and the evolving market conditions, ADA’s future looks promising for many in the crypto space.</p> 
<p>Also Read: <a href="https://coinpedia.org/information/top-cryptocurrency-picks-for-january-2024/">Top Cryptocurrency Picks for January 2024</a></p> 
<p><strong>Cardano’s on fire, but can it dethrone Ethereum? Share your thoughts</strong>.</p>

Cardano Price Analysis: 40% Rally on the Cards, Ethereum to Be Left Behind?

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