The Cardano (ADA) ecosystem, a burgeoning proof-of-stake blockchain with over $182 million in total value locked (TVL), is on the verge of a significant shift in its market outlook. Earlier this year, Cardano’s price broke free from a prolonged downtrend that began in August 2021. However, the bulls have struggled to maintain an upward trajectory since January’s end.
In the midst of an intense struggle between the bulls and the bears, Cardano’s (ADA) price action has entered a consolidation phase, poised for a definitive trend. Over the past four weeks, the price has stabilized around $0.37, indicating an imminent move.
Cardano (ADA) Price Analysis
On the higher time frames, Cardano has consolidated around $0.37 in the past four weeks. According to a popular crypto YouTube channel Cheeky Crypto, Cardano could edge higher towards a resistance range before falling further in the near future.
In this regard, the Cheeky Crypto analyst noted that bulls are slowly getting exhausted as the price action approaches a resistance level of around $0.39. Moreover, the daily and weekly 50 Moving Average (MA) shows ADA price has experienced a significant resistance level of around $0.37 and could drop further soon.
As a DeFi-focused blockchain, the Cardano blockchain has thrived on the rise of new tokens like Snek (SNEK) meme coin that has rallied more than 115 percent in the past two weeks. According to on-chain analysis, the number of active users on the Cardano ecosystem has exponentially grown in the past few days to over 80k.
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