Amidst the Bitcoin-led crypto resurgence, Cardano (ADA) is experiencing a significant upswing, with bulls setting their sights on this year’s high of approximately 45 cents. This resurgence is not merely a twist of fate; it’s the result of dedicated development efforts and the maturation of the Cardano network into a thriving ecosystem for burgeoning web3 projects.
The total amount of staked ADA has soared to an impressive 22.98 billion, with 695 million locked in DeFi projects. This growth in staked and locked assets reduces the circulating supply, potentially fueling a bullish trend in the market.
Short-Term Prospects: Analysts Weigh In
In a recent analysis, renowned crypto expert Ali Charts compared Cardano’s current consolidation phase to its 2018-2020 trajectory, excluding the Black Thursday event. Despite ADA’s struggle to rally beyond 38 cents, Ali Charts projected a potential year-end high of 75 cents, contingent on breaking the 45-cent barrier in early December. As ADA currently flirts with this critical level, the analyst reaffirms the ambitious 75-cent target.
Technical Analysis: A Closer Look at ADA’s Price Action
Cardano’s price has recently broken out of a macro descending triangle, signaling a bullish trend. The occurrence of a daily golden cross between the 50 and 200 Moving Averages further underscores the potential for an upward trajectory. Additionally, a spike in daily traded volume to approximately $788 million bolsters the optimistic outlook.
