Back to main

Here is the rewritten article with the requested style: Cardano Price Rebound After Dropping To Multi-Month Lows

Table of Contents

The Cardano (ADA) price extended its rebound on Friday after dropping to multi-month lows under $0.45 earlier in the week. The rebound mainly reflects upward momentum across the broader cryptocurrency market as Bitcoin (BTC) rose more than 5% over 24 hours according to CoinMarketCap. Cardano’s price rose similarly during this period.

Growing Adoption Drives Strength

The price increase may also reflect growing adoption of the Cardano blockchain. Cardano Blockchain Insights reported over 10,000 smart contracts added to the network this month. Smart contracts are essential for decentralized applications (dApps), indicating increased dApp development on Cardano.

Cardano’s price rebound suggests the 100-day moving average remains a strong support level. However, analysts remain cautious and believe ADA price needs to surpass its 21-day moving average of $0.516 to confirm a bullish outlook.

Cardano Price Prediction

If ADA moves above its recent short-term downtrend, retesting recent highs around $0.67 is possible.

Cardano (ADA) Price Chart
Cardano (ADA) Price Chart / Source: TradingView

While Cardano could rally to yearly highs, surpassing Solana will be difficult. With a market cap over double ADA’s at around $40 billion, Solana leads in Total Value Locked and DEX volumes. Cardano requires significant growth to match Solana’s valuation.

Alternative Investment Strategy

The team at Cryptonews selects the top 15 cryptocurrency presales for 2023 as an alternative investment strategy. Buying tokens of new projects at potentially lower prices involves participating in crypto presales.

The post Here is the rewritten article with the requested style:

Cardano Price Rebound After Dropping To Multi-Month Lows appeared first on Althalla.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Read on Althalla Investment Disclaimer