As the year comes to a close, the crypto markets are showing signs of bullishness, although top cryptos like Cardano are experiencing a sluggish trend with limited potential for a bullish rebound. Despite efforts by ADA bulls to establish an ascending trend, the overall market sentiment remains bearish, with the rally consistently forming lower highs and lows.
Given the possibility of ADA closing the year below a critical resistance level, the question arises: will Cardano reach $1 in Q1 of 2025 and reach new highs?
Analysis of the daily ADA chart reveals an inverse v-shape pattern that could push prices back to around $0.4. The significant drop in volume indicates a decrease in volatility, raising concerns about future price movements in 2025. Is the bull run over? Will ADA fail to follow the broader market trend as seen in the past?
Historical ADA price data suggests that the token has the potential for a strong bull run if it can rebound from current levels. Although unable to break above the $1.29 – $1.5 resistance zone, ADA is holding above the trend reversal zone of $0.78 – $0.85, serving as a robust support level. Breaking the multi-year descending trend line indicates a possible trend reversal is imminent.
The Gaussian channel has shifted from bearish to bullish, signaling a change in trend direction. The MACD shows a decrease in buying pressure with a potential bearish crossover between the MACD and signal line. However, the levels remain positive, suggesting a quick rebound post-crossover, maintaining bullish prospects.
Therefore, if ADA can stay above the support zone until the year-end, the Cardano price rally may continue into 2025, potentially reaching $1 early in the year and sustaining an upward trajectory.
