When Will Cardano Hit New Highs? Expert Analysis Points to Q3 2024 | ADA Price Outlook & Technical Indicators Explained
The Cardano blockchain's native token ADA has demonstrated notable price action recently, mirroring broader cryptocurrency market movements. While current gains appear promising, they pale in comparison to the monumental surge required to eclipse its previous peak. Veteran analyst Peter Brandt suggests investors may need to exercise patience until the latter half of 2024 for substantial upward momentum.
Technical Indicators Flash Bullish Signals
ADA's 17% weekly surge has propelled the asset above critical moving average barriers, with the 50-day and 100-day EMAs now serving as support levels. The next significant challenge lies at the $0.298 resistance zone, which coincides with the 200-day EMA - a key psychological threshold for traders.
Directional Movement Index analysis reveals sustained bullish momentum, with the +DI line maintaining dominance over its -DI counterpart. Meanwhile, the Average Directional Index's breach above the 25-point threshold suggests strengthening trend momentum that could support further upside.
The Long Road to New All-Time Highs
Market observers note that ADA's price trajectory remains heavily influenced by Bitcoin's movements. With Brandt projecting Bitcoin's next major bull cycle to commence in Q3 2024, Cardano may follow suit. The blockchain would need to engineer a staggering 925% appreciation from current levels to surpass its August 2021 peak of $2.913.
Such dramatic appreciation would likely require perfect storm conditions including successful Bitcoin ETF approvals, favorable macroeconomic conditions, and sustained network development activity. The upcoming Bitcoin halving event in 2024 could serve as a potential catalyst for broader market momentum.
Traders should monitor key support levels at $0.270 (100-day EMA) and $0.241 (2023 low) as potential downside targets should bullish momentum falter. The coming months may present accumulation opportunities for patient investors anticipating 2024's potential market cycle.