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Cardano Price Analysis As ADA Targets The $0.39 Range High

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Cardano Price Prediction for 2023
Cardano Price Prediction for 2023

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At the time of writing, Cardano price is trading at $0.3548 after gaining 7.37% in the last 24 hours. The coin is recording a 24-hour trading volume of $664.5 and a live market cap of $12 billion, putting the ADA token at #8 on CoinMarketCap list.

Cardano Price As Developers Focus On Technological Innovation

Cardano (ADA) developers have remained committed to technological innovation despite the tumultuous crypto market. The latest news about the network is the smart contracts written in the Python programming language.

The news introduces the first Cardano smart contract written using an innovative Pythonic programming language dubbed Eopsin. According to the developer team, Imperator Lang, the smart contract has to be “compiled and deployed” on the pre-production testnet.

In the January 10 Twitter post, the developers also illustrated the new version of the Cardano smart contract that happened on the same day, indicating plans to integrate with a lightweight Cardano library in Python dubbed PyCardano.

While there remains a lot to do on the project’s optimization, the developers assured that once it is fully operational, Eopsin will enable developers to write 100% valid Python programs. To do this, they will use the “existing tools stack for Python, syntax highlighting, debugging, unit testing, and verification, among others,” according to a GitHub conversation

They went on to laud Eopsin for its flexibility, intuitiveness (similar to Python), efficiency, and security, adding that it had a static type of interference that ensures strict typing and optimized code. Nevertheless, it is imperative to note that Eopsin is a very strict subset of valid Python, meaning “Not all language features of Python will or can be supported.”

The primary motivation for the project is to merge Python with Plutus smart contract platform. In the words of Eopsin developers at Cardano in their attempt to explain the name Eopsin, “the goddess of wealth and storage in Korean mythology, portrayed as a pitch-black snake.”

“Since this project tries to merge Python (a large serpent) and Pluto/Plutus (Greek wealth gods), the name appears fitting.”

The Eopsin development marks another step in Cardano’s progressive and intense development endeavors, which bolsters its ranking as the first on all list of blockchain protocols by development activity in 2022, right before Polkadot (DOT) and Cosmos (ATOM).

Will Cardano Price Hit The $0.39 Range High?

Cardano has recorded an increase in total value locked (TVL) of 55% in January (growing from $48.95 million on January 1 to $75.88 million on January 14). With this, the price of its native token, ADA, is also strengthening.

Currently, at $0.35, the ADA price has recorded higher highs and higher lows over the past few weeks to form an ascending parallel channel. This indicates a bullish trend for the Cardano price, with the support line connecting consecutive higher lows and the resistance line connecting consecutive higher highs. The price faces the immediate resistance offered by the upper trendline of the ascending channel.

ADA/USD 12-Hour Chart

Cardano price Chart Jan 14
TradingView Chart:ADA/USD

If bulls can increase their buying pressure and maintain the upward trajectory above the technical formation, then ADA price could reach the $0.39 target in the next few days.

The ADA price currently relies on the 200-day Exponential Moving Average (EMA) support at $0.33. A daily candlestick close above this level would increase the chances of such an outcome.

Validating the bullish thesis for Cardano was the Parabolic SAR indicator which had just sent a call to buy ADA by moving below the price. Additionally, the position of the Moving Average Convergence Divergence (MACD) indicator in the positive region and the relative strength index (RSI) at 83 added credence to the positive outlook. Bulls will likely drive prices higher in the near term because the technical setup and the supporting indicators show that the Cardano price action favors the upside.

On the downside, if buying pressure reduces and bears regain control, the price could drop below the 200-EMA and past the lower boundary of the ascending channel at $0.3537. Further down, the ADA price would revisit the next support at $0.3085 or even lower toward the 100-day EMA at $0.2978. In extreme cases, the ADA price could trace lower to the $0.2088 swing low.

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