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Cardano Approaches $0.45, Can ADA Breach $1 Anytime Soon?

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VOC, Voice of Crypto, ADA

The outlook on Cardano’s (ADA) price action has been bearish for a while now. Over the long-term, the altcoin has dropped from its highs above the $1 mark and appears to be in consolidation over the past few months.

In the medium term, however, the price action on Cardano has been between the $0.6 resistance and the $0.41 support.

In the short term, the price action on ADA has formed a triple bottom as it tests the $0.41 level repeatedly. Overall, the price action on ADA appears to be in a descending triangle pattern.

After the successful upgrade of the Cardano network in an event known simply as the “Vasil Upgrade,” the Cardano network remains one of the top performing blockchains, offering enhanced network capability and overall experience to its users.

Cardano Fundamental Analysis 

Despite the hype surrounding the Vasil upgrade earlier in September, the price of ADA has struggled to make headway. Despite this, the developers on the Cardano network have released yet another upgrade on the network, called the koios-go-client v2.0.0.

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This upgrade aims to allow developers to build on Cardano while accessing multiple redundant endpoints for easy entry.

In other news, Charles Hoskinson, creator of ADA via a tweet has announced a new epoch for the Cardano network called the “age of Voltaire” to spread network decentralization.

These development activities by the developers on the ADA network may not be doing much to move the price of Cardano upward in the short term. Still, the Cardano network remains one of the most efficient blockchains in the world.

Over time, ADA may experience a spurt of mass adoption, pushing its price towards the $1 mark and even beyond.

ADA Price Analysis 

At the time of writing, the price of ADA sits at $0.4302 and has increased by 1.89% over the last 24 hours. The altcoin has a daily trading volume of $407 million and a market cap of $14 billion.

Tokenomic Chart On Cardano ADA 

Tokenomic Chart On Cardano ADA | Source: CoinMarketCap

Cardano has a total supply of 45 billion ADA, and 34.25 billion tokens are in circulation.

ADA Technical Analysis

Over the long, medium, and short terms, the price action on ADA has been in an extended wedge.

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Chart on Cardano ADA showing wedge formation 

Chart on Cardano ADA showing wedge formation | Source: Tradingview

ADA is currently testing the resistance around the $0.43 level and is being held back by the upper resistance of the wedge formation. However, if the bulls on ADA push the price above this level by supply and demand, we may see a breakout from this pattern and a push in prices to the $0.52 level in what would now be the beginning of a cup and handle formation.

After a bullish crossover in the RSI on the 4-hour timeframe, the price of Cardano appears to be gearing up for a healthy bullish trend upwards, assuming it manages to break through the upper resistance of its wedge formation.

 

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

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Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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