The crypto market has halted its brief bullish rally, with prices generally dropping; for example, Cardano (ADA) has lost 9% in the last 24 hours. Currently, Cardano is trading at $0.366.
In recent weeks there has been an upsurge in most cryptocurrency prices due to the recent rally of bitcoin. However, experts believe the crypto winter is still on but nearing its closing phases.
The general slump in the big crypto players like bitcoin has hindered ADA’s full potential. Nevertheless, the Proof-of-Stake mechanism remains a standout feature of Cardano.
Cardano’s wide range of applications for smart contracts and DApps will likely see more platforms adopting the token.
Developmental Plans unveiled
However, Cardano’s developmental plans were intensive on November 2, 2022. Input Output HK (IOHK) released vital information on the Daedalus mainnet 5.1.1 release. This information created positive reactions from the crypto community,
Daedalus is a cryptocurrency wallet that only supports ADA tokens and is highly secured. In addition, the wallet enables users to stake their tokens and earn rewards. The launch of this wallet has been widely anticipated in the crypto community as it offers users an extra layer of security.
However, this development had no significant impact on the pricing. Similar reactions were noted with the Cardano Vasil upgrade, as it did not significantly impact the token’s price.
Will Cardano Reach The $0.50 Mark?
Despite the recent brief rally in the cryptocurrency market, it will be difficult for Cardano to reach the $50 mark. The project reached its all-time high of $3.10 0n September 7, 2021, and is yet to surpass the price level.
From the Donchain channel, the candles are seen in the upper channel signaling a potential price rise in the short term. The 0.5 level is more realistic for ADA to attain.
The MacD also observed above its signal line shows bullish sentiments. It must be noted, however, that the two lines are almost in contact. This indicates that the bull run might likely be short-lived with no significant price corrections.
Cardano will likely surpass the critical resistance level of $ 0.58. If such an event occurs, it will likely trigger a bullish run for the cryptocurrency token.
However, if Cardano falls below the critical support level of $0.33, the coin might likely go into freefall as market forces act on the price. Although ADA has shown positive price movement in recent weeks, the $50 level is some way off for the token, with critical Support and resistance levels still untested.
Cardano might likely fluctuate from the price movement between the $0.4 and 0.5 price level this month. While ADA may not get up to the $50 mark, it is still a cryptocurrency worth investing in for the future.
Featured Image from Pixabay | Charts by TradingView
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