ADA Price Prediction:Cardano Shows a Weekly Strong 7.4% Rise. Will ADA Break Above the Resistance Level?

Updated: 05 April 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Cardano has seen a significant increase in its value, rising with a robust weekly run of 7.4%. This upward trend has led many investors to consider whether it is a good time to invest in ADA. However, Cardano is set to become a top chain compatible with EVM. It plans to implement a new feature allowing developers to deploy an EVM contract directly from any ADA wallet.

We expect this development to be a game-changer, elevating ADA to the top of the EVM chain and making it a highly desirable option for developers.

Cardano (ADA) Positive Trend Move

According to Sebastien Guillemot, a prominent blockchain developer and co-founder of Milkomeda, the platform has introduced a groundbreaking new feature that allows users to communicate with dApps and other smart contract services on the Ethereum Virtual Machine while remaining in the Cardano ecosystem.

Cardano will be a top EVM chain next month

At the time of writing, Cardano’s (ADA) trading price stands at $0.39, with a 24-hour trading volume of $410 million. The digital asset has displayed consistent positive movements, experiencing a 6.3% surge over the past fourteen days and a 17.4% increase over the past thirty days.

With a circulating supply of 34 billion ADA tokens, we estimate the current market capitalization of Cardano at $13,859,737,812. As the market rebounds, the Cardano token will likely break new price levels.

The trading volume of Cardano (ADA) over the past 24 hours was $381,550,994, showing a recent decline in market activity as it decreased by 32.90% from the previous day. The highest price ever paid for Cardano (ADA) was $3.09, recorded more than a year ago on September 2, 2021. Currently, the price of Cardano (ADA) is down by 87.19% from its all-time high.

Over the past seven days, Cardano (ADA) has witnessed a price increase of 7.40%, outpacing the global cryptocurrency market, which has increased by 2.00%. Additionally, Cardano (ADA) has outperformed other Layer 1 (L1) cryptocurrencies, which have witnessed a price increase of 5.40% over the same period.

ADA Indicator Price Analysis: Price Prediction

ADA/USD Price Chart Analysis. Source: Tradingview.com

ADA price shows a positive upward move that has lasted almost a month since the beginning of March 2023. Despite the pullbacks experienced during the bull run, Cardano’s bullish sentiments are still strong.

After a slight pullback in the past week, ADA is rising again, showing the bulls’ resilience to push the price up. However, for the bullish run to be confirmed, the price must break above the resistance level at $0.423.

ADA is trading above the 50-day and 00-day moving averages, confirming the bullish move. Furthermore, the relative strength index is trading above 50. With this analysis, these key resistance levels are our prediction to watch out for: $0.42, $0.48, and $0.5. However, if the resistance level at $0.42 is, the firm price might go down, and therefore $0.37 support level might be attainable.

Alternative For ADA: LHINU: High-Value-Driven Coin

Cardano’s asset is undoubtedly a significant player in the cryptocurrency market, but there are also emerging coins with value-driven applications that are gaining attention. These coins offer investors the opportunity to purchase them at presale prices, which might yield higher profits in the future. One such promising asset is the LHINU token, which belongs to Love Hate Inu.

Love Hate Inu’s token, LHINU, has emerged as a significant market mover among several value-oriented coins with useful applications. Potential investors can purchase these new coins at a low presale price and earn higher profit margins.

Love Hate Inu has built a novel vote-to-earn (V2E) platform on the Ethereum blockchain to provide a tamper-proof and secure voting system.

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