The broader crypto space has been trading within a narrow range-bound scale by generating consequent lower highs. Especially, primary cryptocurrencies of the space Bitcoin and Ethereum have had negative gains of 3.08% and 3.18% in the past 24 hours respectively. Cardano’s price on the other hand had a significant accumulation of around $1.41 pointing to a strong bullish outlook for the 1st week of January.
Cardano’s founder Charles Hoskinson revealed that a total of 178 projects have been deployed on Cardano. Out of them, 13 have been launched and 11 projects are scheduled to launch in the first quarter of 2022. The launches are expected to boost the price action in the future and proponents across the space are lauding for ADA price action by early January.
Cardano is Set to Bounce From the Bottom!
Post claiming an ATH of $3.1 Cardano’s price faced a heavy rejection and plummeted back to its initial levels. The altcoin got rejected at 50 days MA reaching a bottom of $1.2. However, the asset remained choppy in its recent moves, as there has been a sort of tug war between buyers and sellers.
As per the Crypto analyst platform, Forecast City Cardano’s price has the phenomenal chance to rise the bars above $2. However, the majority of the proponents and analysts across the space pointing the current bottom as the best buy opportunity. The buy zone for the altcoin lies around $1.2 and $1.35. And take profit zones are situated above $1.5. Traders could earn more than 61.80% of profits if they buy at the present rate and sell once the price rises above $1.9.
Besides, RSI is hovering around the bullish territory at 46.57 and there appears to be a surge in the dominance of buyers versus sellers. Further, Intotheblock confirms that network growth is 2.07% bullish and cash-inflow is 5.90% bullish. Therefore, Cardano has great chances of bouncing from the support.
Collectively, it’s been more than four months that Cardano’s price has been under a bearish dominance. Hence, there are massive chances of price explosion early in the January 1st week. Cash inflow and network growth indicate a rise in the trader’s sentiment towards the asset. This would be the right opportunity to fill up the positions and exit once the price starts to explode early in January.