Cardano Price Prediction: Today’s ADA Price, 22nd March 2023

Cardano (ADA), the cryptocurrency that underpins the smart-contract enabled Cardano blockchain, was last trading at around $0.34 per token. It was up about 4% on the day amid a larger cryptocurrency rally, but was slightly boosted by good news about the Cardano development team delivering a new network upgrade.

This implies that ADA/USD is up roughly 14% from its recent lows of less than $0.30, which were printed at the end of last week during the height of crypto market concerns over the effects of a potential US financial disaster. However ADA is still down roughly 7.5% from its recent highs above $0.37 after rejecting a test of its 200-Day Moving Average.

This implies that ADA/USD is up roughly 14% from its recent lows of less than $0.30, which were printed at the end of last week during the height of crypto market concerns over the effects of a potential US financial disaster. Yet while rejecting a test of its 200-Day Moving Average, ADA is still down roughly 7.5% from recent highs above $0.37.

Technically speaking, that’s not a good sign, but on-chain data is more upbeat, especially given that it shows an increase in the quantity of “whales” transacting on the Cardano blockchain.

Today’s Cardano Price

DATE	ADA	USD
Today	01	0.3538726

Advertisement

Cardano Price Prediction

The $0.35 region of support-turned-resistance, which also coincides roughly with the 200-Day Moving Average, may continue to limit ADA gains in the immediate future, with the cryptocurrency still appearing to be in a decline from its February highs in the $0.42 range. Yet if the overall cryptocurrency market becomes more bullish and assets like Bitcoin and Ether reach new multi-month highs, it seems like only a matter of time before ADA begins to move significantly higher as well.

A retest of the downtrend linking highs that dates all the way back to last June would be possible with a break above the aforementioned resistance area around $0.35 and the 200DMA. The potential for upside towards last summer’s highs in the $0.60 range, more than 70% higher than present levels, would then become available if a break above here and the annual highs occurred.

Also Read

BTC Price Prediction: Today’s Bitcoin Price, 22nd March 2023

Bitcoin (BTC), the well-known digital currency, has managed to sustain its upward...