The Cardano (ADA) cryptocurrency is down nearly 20% in the past week and 14% in the past month. Analysts are considering that this is a mere correction phase for the asset, which was up in November following the US election. ADA was steady above $1 until earlier this month and will hope to reclaim that value around New Year’s.
The cryptocurrency market has faced a significant correction in the last few days. Cardano (ADA) follows the bearish trend, dipping below the $1 mark. ADA breached the $1 price point in late November but has lost significant traction. A sell-off is also underway, with a multi-million ADA sell wall in its way of rebounding to $1. According to on-chain data, ADA is facing a sell wall, representing a substantial cluster of 4.3 billion ADA, which could act as a key barrier to the cryptocurrency’s price recovery.
According to daily charts, the price prediction range between $0.8 and $1.3 represents a critical consolidation zone for Cardano ADA. Bullish buyers are defending the $0.8 threshold, hoping the asset will hold above it for a successful rebound. The asset will have to stay above that mark to reclaim its $1 mark, otherwise, it could fall even further.
Cardano ADA to Surge Past $1 in January?
Although ADA traders are notably concerned about current levels, it doesn’t deter from great expectations as the new year approaches. Indeed, bulls still project ADA to return to the $1 level and even $2 come 2025. Cryptocurrency price prediction platform CoinCodex has stated the expectation that Cardano ADA will return to $2 as early as February of next year. With January likely boosting the industry, ADA will likely reclaim $1 in January and get a 130% increase in the second month of the year.
That is set to be the first of an ongoing rally for ADA. Indeed, analysts note that the asset will increase to a $3.22 high just a month later. That increase would denote a 260% jump from its current position. Altogether, 2025 is expected to see a $4.17 yearly high as ADA continues to reestablish itself as a leading altcoin in crypto.
Also Read: Cardano (ADA) Predicted To Hit $6: Here’s When
The entire cryptocurrency market expects a rebound come January when Donald Trump takes over the US presidency. The crypto-positive administration already sparked gains following election night in November. Come his inauguration, Trump will likely spark further gains for Bitcoin and the rest of the crypto market. With Bitcoin dancing around the $100,000 mark frequently, a more consistent price around that mark will send altcoins skyrocketing.
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