Cardano (ADA) Price Prediction: Will ADA Recover and Reach $1 by 2023?

Cardano's price action is doing what it does best—keeping us on our toes. If you've been following the four-hour Elliott Wave charts

Cardano’s price action had been rallying impulsively since its June 2023 lows, keeping traders engaged in the uptrend. However, a closer look at the four-hour Elliott Wave chart revealed a possibility of another correction if ADA failed to break above a key resistance level.

Here’s a quick recap of the ADA price analysis for December 19 and 23.

Cardano Price Analysis: December 19

The four-hour Elliott Wave chart pointed to a completed cycle from the August 5 low, ending wave ((3)) at $1.327. Naturally, what goes up must pull back, and ADA did just that in wave ((4)). This wasn’t your basic retracement—it was a textbook Elliott Wave double three pattern. Here’s how it played out:

If you had some buy orders lined up here, good for you. This was where the pros expected buyers to step in, aiming for another leg up—or at least a decent three-wave bounce.

Latest Cardano Price Analysis: December 23

Fast forward a few days, and the December 23 update confirmed what many were hoping for—a reaction higher from the blue box area. If you followed the analysis, you probably secured a solid, risk-free position by now.

But here’s the catch: ADA still needs to break above that $1.327 resistance to really open the floodgates toward $1.461–$1.677. Until that happens, the possibility of another correction can’t be ruled out. Isn’t crypto fun?

Cardano’s price was holding steady at $0.887678 at the time of writing, despite recent volatility. Here’s a quick overview of the key metrics and sentiment.

The sentiment was neutral, but the Fear & Greed Index tipping toward greed might signal a little FOMO creeping in. With 14 green days out of the past 30 and volatility at 8.84%, there’s definitely some excitement in the air—albeit with a side of caution.

Near-Term Price Prediction: ADA Could Skyrocket

Brace yourself: Cardano could see a 24.57% jump, hitting $1.118328 by January 22, 2025, if the forecasts hold up. In the immediate term, a modest increase to $0.897733 is on the table for tomorrow. That’s not bad considering the recent 17.09% drop over the past week. This market has its ups and downs—literally.

ADA Price Stretch for 2024

Analysts predict ADA will trade between $0.824937 and $0.897733, averaging around $0.867814 for the year ahead. That’s a modest return of about 1.57%—nothing to write home about, but hey, it’s better than red ink.

December 2024 Projection

Cardano’s price is expected to hover within the same range as 2024 winds down, with an average price of $0.867814. Short sellers might find some opportunities here, with a potential profit of 6.65% if the predictions pan out. But for the rest of us, it’s a game of patience as ADA continues its dance.