Cardano's Price Poised for a Weekend Surge: Will ADA Hit New Highs or Plummet?

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The emergence of Bitcoin in 2009 caused a major shift in the cryptocurrency industry, with Ethereum coming onto the scene in 2015.

Ethereum’s success led to the creation of Cardano, a peer-reviewed blockchain network that is highly scalable, in 2017.

However, in 2021, Cardano’s value took a significant hit and dropped below $1 after peaking at almost $3.

This significant decrease in value has left many wondering if Cardano ($ADA) will be able to surpass this crucial threshold, which has recently proven significant in trading sessions.

Currently, the overall cryptocurrency market is showing signs of recovery, with a 1.30% increase in the last 24 hours.

Is it possible for $ADA to experience a surge in price and reach new heights during the weekend?

Meanwhile, investors are showing more interest in early-stage crypto projects backed by artificial intelligence (AI).

yPredict ($YPRED) is one of these projects that investors are considering including in their investment portfolio for diversification.

Within a few weeks of its introduction, the project has already raised over $1.99 million in presale funding.

Cardano Rides Bullish Market Wave

At press time, the Cardano token is priced at $0.37, with a 24-hour trading volume of $221 million.

Over the past month, the value of $ADA has decreased by 5.13%. However, the asset has experienced a 3.74% gain in the last week and a 1.91% surge in the last 24 hours, which has helped it recover.

According to technical charts, $ADA’s fluctuating prices have put the asset on hold, and there is currently a neutral pattern.

In the short term, the price of the Cardano coin aligns with its 50-day simple moving average (SMA) of $0.37. However, the asset’s current price is below its 200-day SMA value of $0.50.

If $ADA continues its bullish trend, investors can expect price fluctuations within the range of its short-term and long-term values.

Technical analysis indicates that the price of $ADA has consistently declined but has now reached the 38.2% Fibonacci retracement level of $0.38.

A bull-dominated market may lead Cardano to retrace and hit the 38.2% Fibonacci retracement level from its current position.

However, if the market goes bearish, $ADA’s price could drop further and reach the 23.6% Fibonacci retracement level of $0.33.

The relative strength index (RSI) metric of 48.96 puts $ADA in the underbought region, indicating a lack of strong purchasing influence on the decentralized peer-reviewed asset.

Unsurprisingly, the moving average convergence divergence (MACD) indicator displays a weak signal.

Overall, the asset’s price has been modest as it tries to retrace, but if the crypto market remains bullish, the $ADA price should rebound and hit new price levels this weekend.

The Cardano Wallet ‘Lace’ Becomes Open-Source

Lace, Cardano’s lightweight wallet platform, recently announced its transition to an open-source approach, marking a significant milestone for crypto wallets and users.

Lace is now fully open source: https://t.co/WTyisbhxNw

Also make sure to also read the audit report from FYEO referenced in the repo: https://t.co/Ym91EwDmtj

— Charles Hoskinson (@IOHK_Charles) May 31, 2023

This move will help enhance Lace’s development protocol as Cardano’s strong developer community will provide regular global audits.

This move towards transparency and decentralization will enable users to scrutinize the wallet’s code for potential vulnerabilities and tackle them promptly, ensuring the highest level of security.

Moreover, the move will encourage collaboration and innovation among developers worldwide, encouraging ongoing software improvements and establishing a more robust system.

By adopting an open and collaborative approach, Lace aims to empower Cardano users with greater control, trust, and confidence in their wallets.

Ledger just released a new update for Nano X that allows social recovery of your seed phrase.

It encrypts your seed in 3 shards and sends it to different entities that can then reconstruct the seed for you post ID verification.

It’s a horrendous idea, DON’T enable this feature. pic.twitter.com/2E1GSuYN5r

— Mudit Gupta (@Mudit__Gupta) May 16, 2023

This initiative seeks to restore trust in the current cryptocurrency landscape for all stakeholders involved, especially after the recent Ledger wallet compromise.

Explore the World of AI with New Viral Crypto Sensation $YPRED

Although $ADA is a well-known and established asset in the crypto world, its recent price movements have been unfavorable.

Therefore, investors can explore the $YPRED token for a diversified portfolio as it supports yPredict’s AI-powered trading platform.

yPredict is a crypto research and trading platform that utilizes AI-driven signals, pattern recognition, and sentiment analysis.

📢🚀Our revolutionary AI Utility Coin, #yPredict, is closing in on a remarkable $2 million fundraising milestone! 💰✨ Discover how this cutting-edge technology works and its incredible potential in transforming the AI landscape.

🤖💡 Stay tuned for more updates! #AI #Crypto… pic.twitter.com/tm5PJgfeye

— yPredict.ai (@yPredict_ai) June 1, 2023

It aims to provide traders and investors a competitive edge by leveraging cutting-edge predictive models created by top AI developers and quants.

The platform’s economic foundation is the $YPRED token, built on the Polygon blockchain for fast transactions and low fees.

🚀 Exciting news! 📈 yPredict ($YPRED) soars higher, raising nearly $2 million. 🙌
Amidst Bitcoin and Ethereum’s price movements, investors are turning to yPredict on Polygon for risk hedging. 📊

yPredict is the world’s first all-in-one AI-powered analytics platform for… pic.twitter.com/CHgD7rH4oj

— yPredict.ai (@yPredict_ai) June 2, 2023

With impressive investor confidence and over $1.99 million in presale funding secured, yPredict’s popularity continues to soar, with over 18,000 followers on Twitter and over 20,000 on Telegram.

Currently in its sixth presale phase, the $YPRED token is priced at $0.09, offering potential investors a 33% gain when listed on exchanges at $0.12.

Buy $YPRED Now