Cardano (ADA) price analysis: Bullish signs and upcoming developments

Cardano is in the accumulation phase. The token is valued at approximately $0.4656 when writing this article. This reflects a rise of 1.46% in the last 24 hours and 3.87% in the last 7 days. ADA is majorly consolidating within a predefined range of $0.51 and $0.6. While the current value is below the lower range, the consolidation phase has barely left the momentum. This portion is evident from the fact that whales have increased their activities on the network.

Bullish indicators

ADA is poised to be valued at $0.487336 in the next 30 days. The monthly surge will reflect a jump of 4.98% from the current value. However, it could first retrace to a lower value of $0.44 in the next 5 days. Three factors determine Cardano’s price movements.

First, whale activity is up by almost 53%. The transaction volume has gone up from 3790 to 5820 in a week. This pertains to large transactions happening in a week. It also strengthens the trend of an upswing of 15.61% in the 24-hour trading volume.

Second, Open Interest is up by 41%. This indicates that investors are growing confident. It could be due to the prevailing volatility of 3.20% or the momentum that the crypto market has gained recently.

Finally, the community sentiments are optimistic despite a dip in the price compared to the consolidation phase. Holders speculate a rebound as the Fear & Greed Index shows 77 points. The ongoing sentiments are mainly neutral, but the community has not let go of the possibility of a bull run.

Key resistance levels

There are two key resistance levels—$0.48 and $0.44. It is only after ADA has surpassed $0.48 that the token will move up to $0.50. However, falling below the milestone of $0.44 could open the doors to a further decline. The mark of $0.44 is short-term support based on the assumption that the market will come across a correction. ADA crypto price prediction projects that the Cardano will breach the mark of $0.97 by the end of this year, 2024.

Cardano founder’s response

Cardano has seen days when the media constantly criticized the network for losing its charm or suffering from weak fundamentals. Charles Hoskinson, the Founder of Cardano, has practically lashed out at them by calling them baseless and adding that they ignored the progress made within the ecosystem. Charles also acknowledged that the media had once forecast the network’s demise.

One of the developments in the Cardano ecosystem is Chang Hard Fork. It is scheduled for implementation in the second quarter of 2024. When it happens, if it happens, it will be a significant boost to the governance mechanism.

Hoskinson also said that he had never seen such a disconnect between reality and opinion, between perception and actual fundamentals.

Overall outlook

Overall, there are bullish sentiments across the Cardano ecosystem. ADA is poised to mark a rebound after five days. Needless to say, it could happen instantly, considering the volatility factor in the crypto market. The maximum resistance level is $0.48, which must be achieved so that Cardano can head to $0.50 and the predicted estimate of $0.9 by year-end. Cardano’s developments are tentatively scheduled for the second quarter of 2024.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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