Cardano (ADA), the cryptocurrency that underpins the smart-contract enabled Cardano blockchain, was last trading at around $0.34 per token. It was up about 4% on the day amid a larger cryptocurrency rally, but was slightly boosted by good news about the Cardano development team delivering a new network upgrade.
Cardano (ADA), the cryptocurrency that underpins the smart-contract enabled Cardano blockchain, was last trading at around $0.34 per token. It was up about 4% on the day amid a larger cryptocurrency rally, but was slightly boosted by good news about the Cardano development team delivering a new network upgrade.
This implies that ADA/USD is up roughly 14% from its recent lows of less than $0.30, which were printed at the end of last week during the height of crypto market concerns over the effects of a potential US financial disaster. However ADA is still down roughly 7.5% from its recent highs above $0.37 after rejecting a test of its 200-Day Moving Average.
This implies that ADA/USD is up roughly 14% from its recent lows of less than $0.30, which were printed at the end of last week during the height of crypto market concerns over the effects of a potential US financial disaster. Yet while rejecting a test of its 200-Day Moving Average, ADA is still down roughly 7.5% from recent highs above $0.37.
Technically speaking, that’s not a good sign, but on-chain data is more upbeat, especially given that it shows an increase in the quantity of “whales” transacting on the Cardano blockchain.
TODAY’S CARDANO PRICE
| DATE | ADA | USD |
|---|---|---|
| Today | 01 | $ 0.4312454 |
CARDANO PRICE PREDICTION
The $0.35 region of support-turned-resistance, which also coincides roughly with the 200-Day Moving Average, may continue to limit ADA gains in the immediate future, with the cryptocurrency still appearing to be in a decline from its February highs in the $0.42 range. Yet if the overall cryptocurrency market becomes more bullish and assets like Bitcoin and Ether reach new multi-month highs, it seems like only a matter of time before ADA begins to move significantly higher as well.
A retest of the downtrend linking highs that dates all the way back to last June would be possible with a break above the aforementioned resistance area around $0.35 and the 200DMA. The potential for upside towards last summer’s highs in the $0.60 range, more than 70% higher than present levels, would then become available if a break above here and the annual highs occurred.
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