Cardano’s price has risen slightly as investors focus on recent US inflation statistics and the Fed’s interest rate decision.
On Wednesday, the ninth-largest cryptocurrency increased by about 3% to trade at $0.31. ADA’s market valuation is $10.90 billion and it has received approximately $329 million in trading volume.
In order to battle inflation, investors anticipate the Fed to pause rate increases after the US inflation rate declined in November.
Today’s Cardano Price
| DATE | ADA | USD |
|---|---|---|
| Today | 01 | 0.2845963 |
Cardano Price Prediction
Cardano’s price has been vacillating between support at $0.30 and resistance at $0.33 since the second week of November. Due to the smart contracts token’s inability to overcome these limitations, the time of consolidation has lasted longer.
ADA crossed the lower trend line thanks to positive activity, but since then, its upward momentum has slowed, and it hasn’t yet established an uptrend over the second trend line. This resistance is further strengthened by the $0.32 50-day Simple Moving Average.
If the future sessions are bright for the Moving Average Convergence Divergence (MACD) indicator, Cardano’s price may experience another strong breakout. More buyers are anticipated to materialise as the MACD enters the positive range and approaches the mean line, possibly driving ADA above $0.30.
The price needs to rise over the 100-day exponential moving average at $0.3399 in order for the bulls’ power to be solidified. Cardano’s ability to overcome resistance at the 200-day exponential moving average will determine whether it can go toward $1.00.
Cardano is still in a good purchasing zone, according to on-chain statistics from Santiment, with the Market Value Realized Value (MVRV) rising from a 30-day low of -15.59 to -5.70. Although some holders may think about selling if the MVRV ratio rises above the mean line at 1.00, this steady increase pattern implies investors are growing more optimistic about ADA’s comeback.
Addresses holding 10,000 and 100,000 ADA have kept adding tokens despite persistent uncertainties in the cryptocurrency market and the global economy. Inflation is still high even though the Federal Open Market Committee (FOMC) may slow down on interest rate increases.
