Our Cardano price prediction depends on the bulls’ ability to reclaim $1. Although it broke out of the downwards trendline a few weeks ago, it failed to gain much momentum. Consequently, the ADA coin faced a massive rejection from the $1.20 resistance. It’s been almost two weeks since the price has dipped below $1, and there are still no signs of recovery. The price may get some support from the $0.78 level. Any daily close below this level could initiate a free fall as the next major support lies at $0.32.
Cardano blockchain is still in development, and very few dapps are live on the network. However, Alonzo Hardfork enabled the smart contracts on its blockchain in September 2021. This increased the smart contracts related activity on its network. According to DeFi llama, there is currently $219 million TVL on the platform. Most of this value is locked on decentralised exchanges like Minswap, WingRiders, and SundaeSwap. Therefore, any Cardano price prediction depends massively on the platform TVL.
As per the latest Cardano news, EMURGO has entered into a partnership with Blockpass to onboard on-chain KYC. EMURGO is the commercial arm of Cardano, with its Head Office in Japan. According to the founder Charles Hoskinson, currently, 900 projects are being built on Cardano crypto.
Technical analysis of Cardano coin price chart depicts that the cryptocurrency dipped to the lows of $0.874 on Thursday. However, it found some support from the 0.786 Fib retracement level at $0.88 and now trading at $0.91. Nevertheless, it is still 70.4 % down from its September 2021 all-time high of $3.09. Therefore, the price needs to reclaim $1 soon rather than later, or the things may turn very ugly for the bulls.
The level of $0.77 could act as the line in the sand as the next major support lies in at $0.30-0.33 region. Therefore, ADA bulls need to show their A-game by holding this critical level. For any bullish Cardano price prediction, the price needs to make a higher high by closing a week above $1.20 level. Till then, patience could be the best trading strategy.
This post was last modified on Apr 22, 2022, 15:07 BST 15:07