Cardano Price Prediction as ADA Rises 50% from ADA Low to $10 Soon?

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Carrano bulls slowed an aggressive four-week push that saw the token’s value rise 45.5% in 30 days. The eighth-largest cryptocurrency, with a market capitalization of $13.2 billion, remains slightly in the green, supported by a 0.9% increase in 24 hours. The 50% pump from the bottom saw ADA price hit highs of $0.39 but has since pulled back to trade at $0.379 at the time of writing.

ADA bullish news roundup as Cardano Price eyes towards $10

Cardano’s use cases as a smart contract platform have caught the attention of the United Nations High Commissioner for Refugees (UNHCR), which hopes to leverage the crypto platform as an alternative approach to support businesses. unjustly displaced persons. Thanks to this platform, the humanitarian organization will raise funds in an innovative way. With this development, UNHCR will for the first time use blockchain technology to connect other humanitarian communities to achieve positive impact.

“The adoption of the Cardano blockchain is above all a new and innovative way to help raise funds by using staking to support people forced to flee… The opportunity for a reward-generating stake pool enables an even wider community to help make a difference and provide life-saving assistance to those who need it most,” UNHCR stressed via a blog post.

While this may seem like a purely humanitarian effort, Cardano’s price can benefit as people around the world buy the ADA token for staking purposes. The program allows crypto users to donate while holding ADA in a smart contract for a period of time.

In other news, Djed, a stablecoin slated to go live on the Cardano blockchain next week, will gain support from decentralized exchanges (DEXs) in the ecosystem. The DEXs set to list the highly hyped stablecoin and its governance token Shen are MinSwap and MueliSwap.

Djed is the brainchild of Input Output Global (IOG), the organization that develops and maintains the Cardano blockchain with Coti – a layer 1 protocol.

Assessing the short-term technical outlook for Cardano price

Cardano price is relatively bullish even though the uptrend has taken a break after hitting an almost three-month high at $0.39. Its immediate rise is capped by a falling trend line, shown on the daily timeframe chart as a solid line.

ADA will need to clear this hurdle and the ensuing seller congestion zone at $0.4 to validate its uptrend targeting $0.6 in the near term to $1.0 in the coming weeks. A positive outlook for the Moving Average Convergence Divergence (MACD) indicator helps keep intact the bullish outlook that investors see in Cardano’s price.

ADA/USD daily chart

ADA price sits well above two of the three major moving averages applied to the daily chart, starting with the 50-day exponential moving average (EMA) in the red line at $0.326 and the 100 EMA days covering the chart in the blue line at $0.34. This arrangement is bullish for Cardano price but to confirm a long-term trade, the bulls will need to recover and hold ground above the 100-day EMA (in purple) at $0.427.

Key fundamentals supporting Cardano’s price rally

Cardano’s price adds to the strong support provided by investors who bought ADA between $0.3675 and $0.3764. Based on information from IntoTheBlock, a crypto analytics platform, 77,000 addresses previously purchased for 4.35 billion ADA tokens in this range are currently making a profit.

Investors in this cohort would be poised to support a rise in ADA prices, especially with the IOMAP pattern highlighting weakening resistance areas. Therefore, with a small push, the price of Cardano could quickly close the gap with the 200-day EMA and open the way to $0.60.

Cardano IOMAP card

The number of newly created addresses on the Cardano network supports the bullish outlook of the IOMAP pattern. Cardano welcomed new address holders amid a recovery from the low of around $0.239. The “Active Daily Addresses” metric reveals that 28.1k addresses joined the protocol on January 26, compared to 18.5k on January 24.

Cardano Price Daily Active Addresses

A similar growth pattern was reflected in the number of active addresses transacting on the Cardano blockchain. In the same chart, 76,000 addresses were active on Thursday, down from 50.3,000 over the same period.

It’s worth mentioning that 736.82,000 Cardano addresses are in the money, or in profit based on year-to-date data provided by IntoTheBlock. This figure is significantly lower than the 3.45 million addresses currently cash-strapped or facing unrealized losses.

Cardano addresses in result

That said, the majority of investors in ADA are unlikely to sell now as they would suffer a loss if they did. On the bright side, more of the 3.45 million addresses may choose to buy ADA tokens as the price recovers, building momentum for the expected move to the all-time high of $3.15 – more late at $10.

Can Cardano price reach $10 in 2023?

Cardano price has the potential to rally and hit a new all-time high in the next bull run. However, the crypto market must first confirm the bull market which some experts believe could occur towards the end of 2023 and take off in 2024. Therefore, it may not be easy for Cardano to reach $10. , but it could get closer to that goal if it recoups its all-time high of $3.15.

Nevertheless, impossible, especially in the crypto space does not mean never. With IOG’s planned developments for the ecosystem, a breakout to $10 is still within reach for the Cardano price.

Should you buy Cardano today?

If you’re looking for other high-potential crypto projects alongside ADA, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.

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