Cardano (ADA) has been predicted to follow a historical trend to break the longstanding resistance level at $1 once it holds within the price range of $0.45 and $0.50.
Cardano’s ecosystem has generally been booming since last year with the total number of transactions reaching 83.6 million on March 21, 2024.
Cardano’s ecosystem growth has been a clear display of strength characterized by resilience in the face of the ongoing market trend. In the past few weeks, its native token ADA has witnessed unexpected volatility reportedly driven by geopolitical tension and the upcoming Bitcoin halving.
This has positioned the price far below its all-time high price of $3. At press time, ADA was trading at $0.44 after recording a negative year-to-date return of 29% and a seven-day decline of 25%. Its current price action, however, appears opposite to its 24-hour trading volume which has surged by 8% to reach $509 million.
Analyst Provides a Technical Analysis of the Asset
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