Cardano (ADA) Price Expected to Surge Past $1 in January: On-Chain Metrics Signal Bullish Run

• Cardano (ADA) experienced a robust rally in December 2023, securing a monthly gain of 62% and reaching a new annual peak with a price surge of over 150%, revisiting $0.67
• The growth aligns with significant developments in the Cardano ecosystem, including a remarkable 26,000% surge in Minswap, a leading Decentralized Exchange (DEX).

The Cardano (ADA) price registered a strong rally during the last month of December 2023, clocking 62% gains on the monthly chart. At press time, the ADA price is trading 5.21% up at $0.63 with a market cap of $22.2 billion.

Cardano (ADA) recently notched a new annual peak, surging over 150% in 2023 and revisiting the yearly high of $0.67 for the second time in the past month.

This impressive uptrend aligns with substantial growth in critical elements of the Cardano ecosystem. Minswap, the leading Decentralized Exchange (DEX), witnessed an extraordinary surge of 26,000%, attracting a significant influx of new users. Similarly, JPG Store, Cardano’s primary Non-Fungible Token (NFT) trading platform, registered an impressive increase of 16,540 new addresses during the same period.

Despite grappling with regulatory challenges, including being categorized as a security by the US SEC, Cardano continues to draw interest due to its sustained developmental efforts. As the broader cryptocurrency market takes a pause following an active quarter, there are queries about whether ADA can overcome the $0.67 resistance level.

Expert Take on Cardano Price Surge

Crypto analyst LuckSide has highlighted a pivotal moment for Cardano, identifying a resistance zone between $0.60 and $0.67. In a recent YouTube video, LuckSide outlined two potential scenarios for Cardano’s future. The optimistic scenario envisions a surge to the $0.70 range, a level not reached in approximately 17 months, while the second scenario suggests a potential dip to $0.40. LuckSide’s analysis leans towards a positive outlook for 2024, citing a “convergence of several things,” including a recent test of the ascending 20-day moving average.

Renowned analyst Dan Gambriello delved into Cardano’s market dynamics, using it as a representative case for altcoins. In a recent analysis, Gambriello emphasized Cardano’s dependence on Bitcoin breaking its bullish market door to make any significant move. In a prior analysis during the week, he highlighted ADA’s breakout attempt from a crucial symmetrical triangle, projecting a target of $0.80.

Gambriello acknowledged the formidable obstacle presented by the 200-week moving average just above the current ADA position. He noted that this dual nature of resistance serves both as a cautionary signal and, conversely, as a confirming indicator.

If Cardano reaches $0.80 and surpasses this substantial barrier, closing a weekly candle above the 200-week moving average would be a macro indicator of monumental importance for ADA. Some market analysts have also given ultra-bullish price predictions of $10 for the ADA price.

ADA Price to $1 in 2024?

Many market analysts believe that 2024 could be the year of altcoins and Cardano is gearing up to grab this opportunity. The ADA price is already up by 150% last year in 2023. Thus, another 50% price rally to $1 from the current levels is quite a realistic target for Cardano (ADA) in 2024.