Cardano’s price has recently risen after falling below $0.30 at the start of the year and reaching a low of $0.24. It currently has a 24-hour trading volume of over $200 million, a market capitalization of $9.3 billion, and is trading at $0.2645 after a retracement.

Cardano may overcome Dogecoin and take over Dogecoin’s position as the eighth-largest cryptocurrency by market cap if the rebound persists and ADA rises beyond $0.30.

Today’s Cardano Price

Cardano Price Prediction

The cost of Cardano has recently increased after first dropping to below $0.30 and hitting a low of $0.24 at the beginning of the year. It presently has a market capitalization of $9.3 billion, a 24-hour trading volume of nearly $200 million, and is trading at $0.2645 following a retracement.

If the rally continues and ADA rises above $0.30, Cardano may surpass Dogecoin and replace it as the eighth-largest cryptocurrency by market cap.

The formation of an inverted H&S pattern is bullish and indicates that the trend is going to change to the higher. The validity of the pattern is strengthened by a break above the neckline resistance. Cardano’s pricing has already confirmed the H&S for a climb of 11.7% to $0.29.

After hitting a weekly high of $0.27, Cardano’s price is gradually retracing. Bullish traders, meanwhile, are anticipating a recovery from the 100-day EMA around $0.26.

The 200-day EMA (in purple) and $0.29 are good places for traders looking to exit long holdings in Cardano, respectively. More conservative investors, however, might hold off until ADA tags $0.30 and, ideally, $0.33.

The increase in the price of Cardano is still present, as evidenced by the Moving Average Convergence Divergence (MACD) indicator, despite the modest drop from its weekly high.

As the MACD enters the positive territory, the ADA rebound is certain to continue.

Some investors don’t appear to be concerned by forecasts of a lengthier crypto winter, especially those with wallets holding between 10,000 and 100,000 coins.

This address tier now holds 11.66% of Cardano’s supply, up from 10.48% about six months ago, per on-chain data from Santiment.

Increases in the Supply Distribution statistic suggest that investor sentiment is getting better. In other words, they anticipate a large price increase for Cardano in the upcoming weeks or months. ADA’s price is frequently driven higher by positive forces that are often fueled by an increase in demand.

Also Read

BTC Price Prediction: Today’s Bitcoin Price, 14th Jan 2023

Bitcoin (BTC), the world’s largest cryptocurrency, is continuing to rise as it...