Cardano Price Prediction: Will ADA Price Hit $1.50 or Drop to $0.70?

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Cardano (ADA), a veteran layer one (L1) blockchain backed by a vibrant web3 ecosystem, has significantly shifted to bullish sentiments in the past 15 months. The ADA’s bullish upswing since November 4, which coincided with the re-election of Donald Trump, has confined macro bullish outlook via a weekly higher high and higher low.

The large-cap altcoin, with a fully diluted valuation of about $39 billion and a 24-hour average trading volume of around $871 million, has experienced a significant resistance above $1.24. From a technical analysis standpoint, ADA’s price faces midterm bearish sentiment before enough buyers enforce a bullish outlook, potentially in the first half of 2025.

Midterm Targets for ADA 

In the daily timeframe, Cardano price has been forming a potential head and shoulder pattern after hitting the upper border of the multi-month megaphone consolidation. With the daily Relative Strength Index (RSI) having formed a bearish divergence, ADA’s price is well positioned to drop in the coming days before rebounding in the first quarter of 2025.

Furthermore, ADA price has consistently closed below the 50-day Moving Average (MA) signaling a notable decline in the previously bullish momentum. In case of further crypto selloff, ADA price should find a solid support range between 77 cents and 68 cents.

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Fundamentals to Consider

The Cardano network has grown to a vibrant web3 ecosystem, with over $433 million in total value locked (TVL) and over $22 million in stablecoins market cap. The introduction of the decentralized governance on the Cardano network through the CIP-1694 features of the Chang hard fork has significantly helped the blockchain attract more on-chain users, amid the mainstream adoption of digital assets catalyzed by institutional investors.

According to on-chain data analysis provided by Santiment, Cardano whale addresses, with a balance of between 1 million and 10 million coins, have purchased over 20 million coins in the past 48 hours and currently hold nearly 6 billion tokens. With over 21.8 billion ADA staked to secure the Cardano network, the overall circulating supply is gradually declining, which is extremely bullish in the long haul.