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Cardano (ADA) can soar as high as 66% in December if the altcoin’s historical precedence is repeated. Based on Cryptorank data, ADA has an average growth rate of 66.8% for December, providing a generally bullish month for the coin. Picking up from the bullish outlook in November, ADA has the chance to pull off a more stunning rally this month.
Cardano’s historical December performance
Cardano's price has the right setup to repeat its performance if the current momentum is sustained. ADA was trading at $1.14 as of this writing, having increased by 6.60% 24 hours earlier. Its market volume has also soared by 214.52% to $4.29 billion.
Godfrey BenjaminThis bullish development has been a pattern with Cardano in the last month of the year. In December 2021, ADA peaked at $1.72, about three months after its all-time high of almost $3. The asset has maintained a steady uptick in price as it has overcome bearish sentiment.
Cardano has already commenced its climb, with analysts anticipating it could test $10. As earlier reported by U.Today, an analyst using the Fibonacci indicator suggests that the next target for ADA could be $2.453.
However, the Fibonacci sequence corresponding to the 2.618 Fibonacci level will see ADA hit $8.30 as its next key target.
Away from these projections, repeating the 58.1% rally scored in December 2023 will peg the price of ADA at a high of at least $1.70.
However, ADA skyrocketed by 216% in November, and repeating this might help it retest its ATH of $3.10.
Fundamental backing
Beyond its historical precedence, Cardano also has a series of fundamental backings that might help it sustain a positive growth trend for the rest of the year. The hype around ADA is currently high, from the Quantum Hosky innovation to the Chang hard fork update.
Also, Bitcoin is making moves to retest the $100,000 price mark. Despite the headwinds and corrections, the sentiment remains bullish. ADA can lean on its correlation with BTC to claim new highs this month.
Denys Serhiichuk
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov