Cardano price had a fairly good performance in 2024 as it rose by 60%, pushing its market cap to over $30 billion. Charles Hoskinson expects that ADA will have an even better year in 2025, helped by numerous catalysts.
Cardano Price Has Bullish year ahead in 2025 says Charles Hoskinson
ADA price jumped by 60% in 2024, helped by the broader rally in the cryptocurrency industry. However, its performance lagged behind that of its top peers like Solana, Chainlink, and Binance Coin, which more than doubled.
Hoskinson, Cardano’s founder, has predicted that the network will soar to heights never seen before. One potential catalyst for this is the incorporation of Bitcoin DeFi through the BitcoinOS network. Incorporating Bitcoin into Cardano’s network could unlock billions of dollars for the Cardano ecosystem.
Charles Hoskinson X Post
Hoskinson also expects that Cardano’s midnight, partnerships, and dApp upgrades will help to supercharge the network. Just recently, Hoskinson hinted that Cardano would partner with SpaceX, the space company started by Elon Musk.
ADA Technical Analysis
The daily chart shows that the Cardano price soared to $1.326 in December, up by 375% from its lowest level this year. It has slipped below the 38.2% Fibonacci Retracement level and the 50-day moving average. That is a sign that the coin has nearly completed its mean reversion, a situation where an asset returns to the average price.
On the positive side, the Market Value to Relative Value (MVRV) Z score indicator has retreated to 2.3. That is a sign that the coin is cheap since a crypto asset is normally said to be expensive when it moves above 3.8. This indicator is created by looking at the market value, the relative value, and the standard deviation.
Cardano has also formed a falling wedge pattern. The higher side of this pattern connects the highest swings since December 2. The lower side links the lowest points since Dec. 1. A falling wedge is a popular bullish sign, meaning that it could recover soon.
Cardano Price Chart
Cardano Price Targets
The outlook for Cardano in 2024 is bullish because of the wedge pattern. If this forecast works out, the next point to watch will be at $1.326, the highest point this year, which is 55% above the current level. More gains above that level will open the possibility of the coin soaring to the all-time high of $3.
On the flip side, ADA price drop below the 61.8% retracement level at $0.707 will cancel the bullish outlook. Such a move will then lead to more downside, potentially to $0.45, its highest level in July.
The post Charles Hoskinson Delivers Bullish Cardano Price Forecast For 2025 appeared first on CoinGape.
