u.today
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.
This 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.