Given the current cryptocurrency market conditions, one potential Cardano price prediction would be that ADA is bullish above a triple bottom level of $0.4180. On the daily timeframe, Cardano has closed a strong green candle, indicating a strong possibility of a bullish reversal. However, a hybrid of mixed fundamentals is limiting ADA’s upside.
Nevertheless, its market capitalization of nearly $14.8 billion places it in the top 10 cryptocurrencies. Claims have been made that Cardano’s architecture makes it more efficient at running smart contracts than Ethereum. After all, ADA network creator Charles Hoskinson helped build the infrastructure for the cryptocurrency generally regarded as the “king of all altcoins.”
Hoskinson ensured that his improvements to Cardano’s smart contract performance would be as effective as possible. However, it appears that this progress will not be enough to spur the growth of the digital currency, as its price remains relatively low.
Cardano’s current price is $0.433, with a 24-hour trading volume of $430 million. Cardano has increased by 1.50% in the last 24 hours. CoinMarketCap currently ranks #8 with a live market cap of $14.8 billion.
There are 34,253,098,140 ADA coins in circulation, with a maximum supply of 45,000,000,000 ADA coins. While the coin is on the watchlist of 2.2 million users.
Cardano unveiled its Vasil hardfork at the end of September. After the fork, people still felt optimistic since the network kept working normally. Now that everything seems to be running smoothly with Vasil, Cardano’s creator Charles Hoskinson said on October 3 that the next phase, the age of Voltaire, was on the horizon.
According to a tweet by Hoskinson, the new age is designed for network builders and users. He claims Cardano’s goal is to create decentralized governance that will show the rest of the industry how to do it properly.
With such strong fundamentals, demand for Cardano is increasing, and the ADA/USD price is likely to rise. The ADA/USD has shaped a descending triangle pattern, with support extending near $0.4181. Because descending triangles are more likely to break on the lower side, the $0.4181 level should be monitored closely.
A break below this level may result in downward pressure, causing the ADA price to fall to an immediate support level of $0.3678. If the ADA/USD coin remains above $0.4180, the triple bottom support level may rise further towards $0.4850.
A downward trendline at $0.4850 on the daily timeframe may obstruct Cardano’s upward movement. On the other hand, increased demand for Cardano could break through this level and extend the uptrend until $0.5275 or $0.5835.
Leading technical indicators such as the RSI and MACD remain below 50 and 0, indicating a bearish trend in Cardano, respectively. In contrast, the 50-day moving average will likely keep the ADA price below $0.4660. As a result, Cardano will face significant difficulties in reaching $1.
The ADA/USD pair has the potential to move 40% above $0.4180 if it breaks through the $0.4660 level. On the other hand, a breakout of $0.5275 and $0.5835 may increase the chances of a 100% move above.
In other news, Tamadoge has outpaced the Terra Classic (LUNC) bull run from Q3 2022, within its first week of trading on OKX exchange.
Low market cap coins often have higher upside potential than big caps like ADA. We also recently reviewed a new crypto presale, IMPT token.
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