In a recent tweet, Sssebi (@Av_Sebastian) noted that Cardano’s ADA token is very close to the $0.60 level, asking if we can finally break through this time. As Sssebi points out, a successful breakout above $0.60 could spur a run towards $0.67 or higher.
Supporting this bullish outlook, analyst Ali (@ali_charts) chimed in, suggesting that the Cardano breakout may come even sooner than expected. However, Ali cautions that if history repeats itself, ADA could initially spike towards $0.80, retrace back to $0.60, and then enter a more sustained bull run towards $8 by January 2025.
Based on further analysis, ADA has struggled to break out above the $0.60 level since May 2022, almost two years now.
Other Catalysts That Could Fuel a 2024 Cardano Bull Run
Other factors that could positively influence Cardano’s price action this year, spurring a bull run, include:
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Show more +- On-chain governance and protocol improvements
- Key partnerships and project integrations
- Progress in Africa through financial inclusion
- Expanded capabilities and use cases around NFTs, gaming, DeFi
- New stablecoins and tokenized assets on the network
As noted by St₳kΣ with Pride (@StakeWithPride), 2024 is gearing up to be Cardano’s biggest and most productive year yet across numerous fronts. If ADA can finally break its two year barrier at $0.60, it could provide the spark needed to ignite sustained momentum towards $8.
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