Cardano Price Prediction As ADA Targets Areas Above $0.4

Updated: 21 January 2023

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Cardano has recorded a remarkable recovery over the last two weeks, surging by more than 30%. At the time of writing, ADA price was trading at $0.37, up 10% in the last 24 hours. The token ranks #8 on CoinMarketCap with a 24-hour trading volume of $670.9 and a live market cap of $12.9 billion.

Cardano To Buy CoinDesk From Struggling DCG

Right from its inception in 2017, Cardano has been among the leading cryptocurrencies that have uniquely avoided controversies. Moreover, the token has not suffered any significant pitfalls and is proactively working to improve its network.

In #Davos meeting enthusiasts from many industries to demonstrate the real-world use cases of the #Cardano #blockchain and show its huge potential for further innovations. @F_Gregaard took part in the panel we co-organized, “Blockchain for Good” hosted by @HoBswiss. @Refugees pic.twitter.com/TV1H4rbhgY

— Cardano Foundation (@Cardano_CF) January 19, 2023

Nevertheless, even amid its robust functionality and top-tier technology, “Ethereum’s biggest rival” was not spared the 2022 crypto winter. Putting it in perspective, Cardano (ADA) closed the year around 90% lower than its peak price recorded in late 2021.

However, the past few days hint at a remarkable recovery as ADA is recording significant increases that began early in the year. Noteworthy, however, Cardano is known for its “slow but sure” nature, which is arguably one of the main reasons behind its successful track record.

In a recent development, Cardano co-founder Charles Hoskinson has expressed interest in buying CoinDesk, the media arm of the cash-strapped Digital Currency Group (DCG).

Buying Coindesk https://t.co/YNJYjKhIlx

— Charles Hoskinson (@IOHK_Charles) January 19, 2023

In a Live Broadcast on Thursday, the Cardano blockchain network executive said, “My interest on the media side is broader… I would like to figure out how to get to journalistic integrity again.” According to reports, CoinDesk is considering a sale.

According to Hoskinson, one of the decentralized ways of holding crypto media more responsible for accuracy is to provide financial incentives to readers and the blockchain community at large. In his words:

Things like veracity bonds or other concepts where, when someone publishes something … they actually put money on the table, and if it turns out the thing that they’ve written isn’t true or inaccurate, they actually can lose the money.

Hoskinson also noted that financial incentives of this kind could prevent Cardano’s influence over independent reporting, thus drawing readers to verify, question, and interact with the reporting more actively.

Will ADA Bulls Reach the $0.4 Target?

Cardano price has been flashing green since the end of 2022 after bulls recovered the ADA market during the Christmas rally. The bears attempted a recovery on January 15, but the attempt was short-lived as bulls regained control during the Thursday trading session.

The current uptick is attributed to the 100-day Simple Moving Average (SMA) providing strong support for the ADA price downward. Currently, the Cardano price is fighting the immediate resistance at $0.38. If buying pressure increases past this hurdle, it would open the path for Cardano to breach the resistance at $0.417 and then the 200-day SMA at $0.492

ADA/USD Daily Chart

Cardano Price Chart Jan 21 — TradingView Chart: ADA/USD

Adding credence to the bullish thesis is the positive outlook of the relative strength index (RSI) at 74, suggesting that there is still more room for further gains. In addition, the moving average convergence divergence (MACD) indicator is moving in the positive region above the zero line, a sign that buyers are controlling the ADA market.

On the downside, if bulls decide to cash in and selling pressure increases, Cardano could drop toward the 100-day SMA support. In extreme cases, the price could drop further to tag the 50-day support, leaving Cardano price exposed to further losses, potentially retesting the $0.24 swing low.

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For now, there is just about a week left in Presale Stage 2, but all signs point to the project ending earlier based on the remarkable success it has recorded so far. Hurry and buy now, as the price of the MEMAG token is increasing from $0.01 to $0.013 for Stage 3. Do not miss out for any reason.

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