Cardano (ADA) price has been on a downtrend since March 2024. Since then, ADA has shed nearly 66%, but the outlook might be starting to change for this Ethereum-killer with the recent comeback in Bitcoin (BTC) price.
Is Cardano Price Set to Repeat Q4 2023 Rally?
In the last three months of 2023, Cardano price shot up nearly 170% and set up a local top at $0.6769. If this was impressive, ADA retraced in January 2024, but shot up 81% by mid-March 2024.
As seen in the below chart, ADA price is plagued by a series of lower highs and lower lows, signaling downtrend. After the August 6 crash, Cardano has managed to prevent creating lower lows, which shows potential accumulation from sidelined buyers.
If this support structure around $0.320 holds, there is a good chance this Ethereum-killer would attempt to tackle the $0.3923 hurdle. A successful flip into a support floor by the end of September 2024 would be the perfect storm for a bullish Q4.
Considering the recent run-up in Bitcoin price leading to a $64K retest, there is a good chance that the bull run has resumed. Therefore, investors can expect the 2023 history to repeat, propelling Cardano price higher to retest $0.509 and $0.600 hurdles. If the 2023’s 166% uptrend repeats, investors can expect ADA to surge close to $0.900 or roughly $1.
ADA/USDT 1-day chart
According to Santiment data, whales holding between 10K to 1M ADA that accumulated in Q3 and Q4 2023 are back and are buying again. Additionally, cohorts holding between 1M and 10M ADA have scooped up 160 million tokens since July 17.
ADA Supply Distribution
All in all, the outlook for Cardano price looks bullish as we head into the fourth quarter of 2024, where the outlook is generally bullish. Additionally, the whales’ accumulation adds credence to the potential repeat of 2023’s Q4 performance that could propel ADA to $1.
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