Cardano Price Prediction,Breakthrough or Setback in the Pattern Puzzle
- Cardano targets Ethereum in DeFi with a $424 million TVL but lags behind Ethereum's dominance.
- Minswap, Cardano's top DEX, surged by an astounding 26,000%, showcasing Cardano ecosystem's rapid expansion.
- JPG Store, the top Non-Fungible Token (NFT) platform on Cardano, attracted over 16,540 new addresses.
Cardano holds $0.600 support versus USD, mirroring Bitcoin.
According to Coingabbar Price Analysis, In 2023, Cardano experienced a remarkable journey, witnessing a 165% surge and hitting a yearly high of $0.68 twice last month.
ADA price actively seeks an upward movement above the $0.600 zone against the US Dollar.
Bullish momentum is possible upon successfully clearing the $0.6400 and $0.6550 levels.
Despite the surge, ADA struggles to surpass the previous high of $0.6800 from December 14th.
On the weekly chart, ADA faces resistance from the 200-week moving average, serving as a significant hurdle or a confirming indicator for upward momentum.
ADA must sustain above the $0.6400 level and the pennant pattern for a potential upcoming rally.
A breakout above this level could propel ADA toward the $0.80 level soon.
KEY LEVELS :
RESISTANCE LEVEL : $0.6500-$0.6800
SUPPORT LEVEL : $0.6000-$0.5600
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
