The altcoin, ADA, has experienced a significant price drop after ending 2023 with a 12-month high of $0.6755. Despite this, investors remain optimistic that the altcoin will reach a new year high above this figure.
Since the beginning of the month, ADA has seen a consistent increase in trading volume. This rise has coincided with increased activity from large-scale investors, or ‘whales’. Crypto analyst Ali reported that in the last two weeks, whales have purchased over 14 million ADA, equivalent to around $8.40 million. Ali also noted that Cardano’s price action is mirroring its pattern from 2018-2020.
Investors who have been with ADA since the early days will recall that before the 2018-2020 pattern, which could be described as an accumulation phase, ADA experienced a bullish run. In 2021, the 9th-ranked coin reached a new all-time high of $3.09. Ali suggests that if the current trend continues, ADA may consolidate around its current levels until April, potentially setting the stage for a resumption of the bull run.
Further boosting ADA’s potential rally in 2024 is the expected network development from the team. The team has discussed upcoming developments, starting with a key technical update known as the Chang hard fork. They also plan to progress towards full Cardano community governance through the Voltaire upgrade. Additionally, more real-world asset tokenization and third-party dApp development on the network are expected this year.
Crypto analyst Lucid has predicted that, given the advanced technology behind Cardano, the strength of the community, the robustness of the network, and the determination of the development team, Cardano will dominate in 2024 and ADA could easily reach $10.
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This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Ali, Lucid |
| Companies | Cardano, CNF |
| Currencies | Cardano |
| Securities | None |
