Cryptocurrencies

Cardano Price Recoils After Another Rejection From $0.40

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Written By: Abdullah Sarwar
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    Summary:
  • Our Cardano price prediction suggests that the price could surge to $0.69 in the coming weeks if ADA coin price reclaims $0.40 level.

Our Cardano price prediction (ADA-USD) is yet to flip bullish as the price has faced another rejection from $0.40 level. On Friday, ADA coin price fell by 0.5% as the Bitcoin price slid below $24,000. Major altcoins are also showing similar price action as they wait for the next BTC breakout.

Where To Buy Cardano?

Cardano boasts one of the strongest communities in crypto. Despite its sluggish development, the holders are still backing the project believing in Charles Hoskinson’s long-term vision. As per latest Cardano news, the total locked value on the blockchain has seen a meteoric rise in 2023.

In the last 2 months, TVL on Cardano (ADA-USD) has increased from $50 million to $118 million. This TVL increase is being attributed to a surge in network activity as the Cardano ecosystem keeps growing. A major reason of the ongoing pullback is the SEC crackdown against cryptocurrencies. Analysts expect a negative price action in the centralized crypto projects as SEC is calling them ‘unregistered securities’.

Miniswap is currently the largest dapp on ADA network and holds 33% of the total network TVL.Indigo and WingRiders are ranked 2nd and 3rd with more than $19 million locked in each.

Cardano Price Prediction Can Still Flip Bullish

Although ADA price has surged by more than 56% in 2023, on 1D timeframe, it is yet to flip bullish. The major line in the sand is the $0.40 level. This level has become very critical as it has previously acted as a support. However, it is now acting as a resistance, and Cardano price needs to flip it into support.

The technical analysis reveals that ADA/USD price has formed a falling wedge, and the price has broken out of it. Usually, such breakouts result in the price targeting the top of the wedge that currently lies at $0.69. This could mean a 80% price increase from the current level. However, the major obstacle in this Cardano prediction remains the $0.40 level. For the moment, price is getting support from the 200-day moving average, which lies at $0.38.

ADA/USD 1D Chart

This post was last modified on Feb 24, 2023, 09:14 GMT 09:14

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar