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Cardano Ecosystem

Crypto News Flash (EN)

12/29/2023

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Cardano (ADA) Skyrockets 70% in One Month, Eyes Short-Term Rally to $1

Cardano (ADA) surged 70% in the past month, reaching a yearly high of $0.6755, fueling hopes of hitting $1 soon. Despite regulatory challenges, Cardano’s development efforts have propelled it to a 158.51%...

Cardano (ADA) Skyrockets 70% in One Month, Eyes Short-Term Rally to $1
  • Cardano (ADA) surged 70% in the past month, reaching a yearly high of $0.6755, fueling hopes of hitting $1 soon.
  • Despite regulatory challenges, Cardano’s development efforts have propelled it to a 158.51% YTD growth, with the possibility of retesting $1 in question.

Cardano (ADA), the popular cryptocurrency, has made headlines with a remarkable surge of over 70% in just one month. According to the most recent data, ADA is currently trading at $0.6227, which represents a significant increase of 4% in just the last day. Cardano has risen to a 12-month high of $0.6755 thanks to this spike.

Starting the year at a relatively low price of $0.2304, Cardano set out on its trip. But since then, its trajectory has been nothing short of extraordinary. The price of ADA saw a sharp decline, falling to $0.2469 in mid-October after reaching an astounding $0.4518 on April 17.

After such a large decline, Cardano experienced an incredible comeback, culminating in its annual high. Significant advancements have occurred in the Cardano ecosystem during this comeback, especially in the decentralized exchange (DEX) space, where Minswap has assumed a leading role.

One of Cardano’s leading decentralized exchanges, Minswap, has grown at an astounding 26,000% over the last month. This notable expansion has been essential in drawing more users to the Cardano ecosystem.

JPG Store, the leading Non-Fungible Token (NFT) trading platform on Cardano, has also witnessed impressive growth. In the trailing 30-day period, JPG Store welcomed 16,540 new addresses, further underscoring the ecosystem’s appeal.

Cardano’s Attractiveness Despite Regulatory Challenges

Despite its struggles with regulations, Cardano is still quite appealing. Notably, during its legal efforts against prominent platforms like Binance and Coinbase, the United States Securities and Exchange Commission (SEC) classified Cardano as a security along with numerous other coins. Despite this, Cardano has kept growing.

With a YTD growth of 158.51%, Cardano has demonstrated its resilience and potential. Many in the crypto community now wonder if a return to the $1 price is on the horizon.

Predictions regarding Cardano’s future price vary. While some are optimistic about a return to $1 in the coming weeks or months, others, like crypto exchange Changelly, anticipate this milestone to be reached as late as June 2025. The cryptocurrency market is known for its volatility, making it challenging to predict price movements with certainty.

Technical Analysis Insights

A YouTube analyst from Crypto Capital Venture recently delved into Cardano’s charts. The analyst pointed out that Cardano may be on the verge of breaking out of a symmetrical triangle pattern that has been forming over the past few weeks.

The analyst highlighted ADA’s recent breach of the triangle’s upper trendline, which could indicate the start of an upward movement. While expressing optimism, the analyst also cautioned that ADA faces significant resistance levels, including the crucial 200-week moving average. Additionally, ADA is currently in overbought territory on the weekly timeframe, suggesting the possibility of a pullback.

Nonetheless, the analyst believes that if Cardano manages to overcome these resistance levels and continues its upward trajectory, it could signify a bullish shift from previous market cycles. The analyst set a price target of $0.80 if the breakout sustains itself.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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