Cardano (ADA) price is behaving exactly as predicted in our last ADA price forecast. The price of the native asset of the Cardano ecosystem has seen a remarkable recovery in 2023. Since the start of the year, the ADA coin price has been up 63%. After a major pullback in March, the price is currently trading 30% above the lows.
ADA price has been rising since the start of this week. On Wednesday, the smart contract cryptocurrency turned green for the 3rd consecutive day. At press time, the ADA coin was trading a $0.3957 after gaining 1.62% during today’s trading session.
On-chain stats show that the Cardano ecosystem is developing, and the network activity is increasing. The total number of wallets on the blockchain has reached 4 million. 8 million native tokens have also been minted on the smart contract platform.
According to DeFi Llama, Cardano TVL is also surging. Since the start of this year, the Total Value Locked (TVL) has increased from $50 million o $140 million. However, the Cardano price appears to be lagging when compared to the network adoption, as it has not shown a similar increase. In other Cardano news, the dates of the Cardano Summit 2023 have been announced. The event will take place in Dubai from 2-4 November.
Since its March lows, ADA price has rebounded very strongly and is up 30% from the lows. However, the bulls appear to be losing momentum right now as the price is approaching a major resistance level on the chart. The technical analysis reveals that the retest is likely to result in a rejection.
Therefore, my Cardano price prediction will remain bearish as long as the price remains below the $0.40 level. I will flip bullish as soon as the price closes a week above this level. I’ll keep posting about my updated ADA coin analysis in my free Telegram group.
This post was last modified on Apr 05, 2023, 10:17 BST 10:17