Cardano Price Fails To Reclaim $0.40: Is There More Upside?

Summary:
• Since the start of 2023, Cardano price has shown remarkable recovery. ADA price is up 56% from its December 2022 low.

Since the start of 2023, Cardano price has shown remarkable recovery. The price has gained more than 56% since tagging the lows of $0.24.The ongoing price rally is being attributed to the positive Bitcoin price action together with the developing Cardano ecosystem.

The latest network stats show that the Total Loced Value on Cardano blockchain has crossed $100 million. Data from Defi Llama depicts a 7.54% decline in platform TVL within last 24 hrs. Miniswap is currently the biggest Dapp on Cardano which is a decentralized exchange. The Dex currently has a TVL of $35.13 million.

ADA News Today

According to latest Cardano news, the Sundaeswap has revealed the first on-chain governance proposal. This proposal will formulate the criteria on which the parameters of future proposals will be based. The voting for the proposal will remain on till February 19.

In other news, ADA crypto is expecting a major upgrade soon. This upgrade will enhance the cross-chain functionality of the blockchain for the Dapps which are being built on the platform. It is also expected to include cryptographic features for Cardano.

Cardano Price Prediction & Analysis

Technical analysis of ADA price chart shows a clear uptredn since the start of the year. At the time of writing ADA is trading at $0.387 after losing -1.88% since yesterday. A closer look at the chart reveals very critical information. The price has failed to reclaim the $0.40 resistance despite all the bullish momentum since the start of the year.

The presence of 200-day moving average around the same level has made it even more significant. As long as Cardano price remains below this level, it will remain a risky buy for me. However, the moment price reclaims this level, I expect a strong surge in price with first target around $0.51 region. In such a scenario, ADA can also retest the May2022 high of $0.69.

Considering the current state of crypto market, I expect a correction for Cardano from current level. I won’t be surprised if price retests the $0.33 level before aiming further upside.