The price of Cardano has been growing significantly over the last several days, tracking the rest of the cryptocurrency market. However, this rise pales in contrast to what will be required for the ADA to reach new heights. Peter Brandt, though, believes that this might occur by the end of the next year.
Cardano price could see more green
As of this writing, the price of Cardano has increased by 16.9% over the previous week to trade at $0.284. The coin has overcome several significant obstacles as a result of this surge, including the 50- and 100-day Exponential Moving Averages (EMA). The altcoin is currently trying to cross the 200-day EMA and turn the resistance level at $0.298 into a support floor.
One may determine the direction and strength of the current trend by examining the Directional Movement Index (DMI) and Average Directional Index (ADX), respectively. The trend is still positive until -DI (orange) passes over +DI (blue), since the latter is still retaining its lead over the former.
Additionally, ADX breaks through the 25.0 barrier. The active trend is seen to be strengthening whenever the indicator rises beyond this threshold. As a result, there is a chance that the price of Cardano will soon recover to $0.298 and move toward $0.300.
A failed breach, though, might push it back around the $0.270 100-day EMA. If this level is lost, the bullish thesis will be refuted, and the price will drop to the $0.241 bottom of 2023.
Cardano might soar to great heights in Q3 2024.
Prominent trader Peter Brandt predicted that cryptocurrencies would not reach new all-time highs very soon. Brandt stated that he thinks the bottom is in for Bitcoin and that new ATHs shouldn’t be seen in the market until Q3 2024.
Additionally, Cardano would have to wait until Q3 of next year to surpass the $2.913 threshold because it closely follows Bitcoin’s lead and because there hasn’t been any significant network development on the blockchain. August 2021 saw the creation of this all-time high, and in order to reach it, the price of Cardano would need to surge by 925%.
In other words, a surge this absurd in such a short period of time would only occur during a fully developed bull market, which is contingent upon the next Bitcoin halving and possible spot ETF approvals.
