- Summary:
- Cardano Price Prediction: ADA price is currently consolidating around the 200-day moving average after a 20% rise from monthly lows.
Cardano (ADA/USD) price has seen explosive growth this year. In February, ADA price surged to $0.42, which meant a YTD price increase of 71%. Since then, the price has had a pullback as Bitcoin has stolen the limelight from other cryptocurrencies. The Bitcoin dominance chart shows that the money is flowing from other digital assets to the biggest cryptocurrency by market cap.
ADA coin price is 5.8% up this week. On Friday, the price is trading at $0.365 after losing 1.59% during today’s trading session. Other altcoins are also showing a negative price action as Bitcoin dominance is on the rise once again.
Cardano TVL Surges By 160% In 2023
Data from DeFi Llama shows that the total locked value on the Cardano blockchain has reached $133 million. This translates into a YTD increase of 160% in TVL. The soaring TVL also indicates an increase in network activity as users move their funds from other blockchains into the Cardano ecosystem.
Nevertheless, despite a constant increase in TVL, Cardano price seems to be lagging. According to the latest Cardano news, the commercial arm of the layer-1 blockchain has entered into a strategic partnership with Thailand’s Bitkub Exchange. The partnership will enable the Charles Hoskinson-led blockchain project to promote itself in Thailand.
Cardano Price Fondles With 200 MA
Although ADA/USD chart shows a breakout from the falling wedge, the price has still failed to reclaim a key level. This level is the $0.40 resistance which was previously acting as a strong support. Since the collapse of FTX, this level has flipped into resistance, a major obstacle in upwards movement.
Cardano price prediction also depends on the ongoing retest of the 200-day moving average. At the moment, the price is consolidating around this key indicator. A bounce from the current level might result in another retest of the $0.40 resistance by the ADA price.
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