Cardano is a blockchain platform powered by its native utility token, ADA, to provide a secure and scalable infrastructure for developing decentralized applications (dApps) and smart contracts.
It has gained popularity for its focus on academic research, peer-reviewed development, and emphasis on security and scalability.
Like any other cryptocurrency, the price of Cardano’s token (ADA) has been influenced by various factors, including market demand, adoption, technological developments, regulatory developments, and overall market sentiment.
Since the start of June 2023, the asset has seen a more bearish market in the short term than its performance in the past months.
From June 1 to June 9, Cardano traded within the $0.3 level. However, from June 10 to date, the crypto has lingered in the $0.2 level, despite several attempts to recover its $0.3 price level.
As of yesterday, June 26, Cardano has crossed one of its support levels at $0.276, rising to the $0.28 mark. Its next support is now at $0.325, while the price today, June 27, is positioned at $0.2845 at the time of writing.
Considering the coin’s price action, crypto enthusiasts and investors expect Cardano’s ADA price to skyrocket, following its potential approach to the next support level.
Despite the coin’s price weakness and consolidations, Cardano (ADA) could be 10x if the price pushes above its new support, bouncing back up on a bullish trend in the long run.
While it’s tricky to predict future price movements, assessing the current market conditions and analyzing upcoming developments could help determine the price growth potential of the crypto.
Cardano Shows a Strong Short-Term Bullish Momentum
The chart above shows that Cardano (ADA) is making a green candlestick today. Considering its Moving Average Convergence/Divergence (MACD) above the signal line, ADA could complete its trade today with the green candlestick. As such, ADA could be priced at $0.3 before today ends.
On the other hand, ADA is trading below its 50-Day and 200-Day Simple Moving Average, a short and long-term bearish signal for the crypto. Thus, ADA could face persistent bear pressure on its price in the long run.
Also, the inverted SMA indicator tips at ADA’s price weakness, which means the crypto will likely experience consolidation, stagnating within its current level for a longer period.
Meanwhile, the Relative Strength Index (RSI) indicator is at 41.04, representing the coin’s neutral position in the market, sitting between the oversold zone (below 30) and overbought region (above 70).
The RSI is pointing upward, indicating an increase in the buyers’ market, suggesting a trend reversal in the future if it enters the overbought zone (above 70).
ADA Support and Resistance Zone Signals
According to the S&R Zone Signals, ADA has its supports at $0.325 and $0.350. In contrast, its resistance levels are positioned at $0.399 and $0.423.
ADA is trading below its new supports, which are the tendencies of fluctuation amid price rallies in the long run.
Meanwhile, considering its resistance levels, ADA could see more bullish trades for longer. Thus, it could break out its current $0.28 level in the coming days to weeks.
While Cardano (ADA) projects bullish movements, there are no strong proofs that it could reach the $5 mark in the short term.
Notably, the future price of Cardano will depend on various factors, including the laws of supply and demand, macroeconomic activities, regulatory crackdowns, investors’ sentiments, and ecosystem-related developments.
Therefore, it’s advisable to do thorough research and consult with financial advisors or experts specializing in cryptocurrency investments before making any decisions.
Possible Reasons that Could Spike Cardano’s Price
While many factors could impact the price action of Cardano (ADA) both negatively and positively, the growing adoption of the token and its Defi growth could spike the price of Cardano.
ADA Sees Increasing Adoption in the United States
Despite the latest regulatory activities in the US, Cardano is still gaining adoption massively in the country. Its attractive staking attributes, assurance of decentralization, and development appeal make Cardano popular in the cryptocurrency ecosystem.
The platform is gaining traction among developers with its architecture, offering exclusive features like swift transaction speeds and low fees. 130 projects have been developed and launched via the Cardano blockchain, with 1,259 projects under development.
Furthermore, according to Morning Consult’s data, the adoption of ADA in the last 18 months has been dramatic, with up to 10 million individuals (roughly 7% of Americans) currently holding this token.
Also, Finbold’s data confirms this trend, revealing an average of 2446 new token wallets daily on the network. Considering these reports, it’s likely that ADA staking is the driving force behind its growing adoption.
If a huge amount of ADA is staked or held, scarcity could arise, thus boosting the crypto market price.
While Cardano (ADA) is showing signs of growth amid fluctuations and price weakness, another crypto, Wall Street Memes (WSM), is projecting high-growth potential in the nearest future.
Wall Street Memes (WSM)
Wall Street Memes is an innovative presale meme coin released by an expert team with a track record in crypto and more than 1 million social media followers. The project considers numerous variables, such as the team’s prior performance, hype, and community.
The Wall Street Memes presale has been ongoing since May 26, 2023, when it raised $100K in minutes. Many crypto enthusiasts believe that the $WSM presale surge was caused by the established internet reputation and history in crypto.
Notably, its founders ‘The Wall St Bulls NFT Project’ made huge sales of $2.5 million in just 32 minutes during the NFT craze of 2021.
Following the debut of the NFT line, the creators carried on their business into the crypto and stock markets, gaining over 1 million followers through sharing memes and other social media activities.
Over $250K was raised in the presale’s 1st day, and over $500K was raised in the first 48 hours. By any measure, this is a remarkable accomplishment that puts Wall Street Memes on the list of the hottest projects of 2023.
Wall Street Memes is a community-focused project. As such, it’s providing a $50K airdrop and 420 extremely uncommon NFTs as Bitcoin Ordinals to correspond with its meme coin presale. These actions will probably increase interest in Wall Street Memes, pushing investors to buy the $WSM token massively.
So far, the presale has raised over $10.8 million and is approaching the $11.7 million benchmark. Considering how fast the tokens are selling out, the $WSM presale could reach this benchmark before the end of the presale.
Currently, $WSM is in stage 6 of the presale out of the total 30 stages, selling at $0.0304 and will increase to $0.0307 in the next stage.
While the presale is still live, interested investors can make the most of these discount prices to grab as many tokens as they can afford ahead of its listing price. Once $WSM hits several exchanges, the market price will likely spike as more traders and crypto enthusiasts join the community.
Wall Street Memes – Next Big Crypto
- Early Access Presale Live Now
- Established Community of Stocks & Crypto Traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Rated Best Crypto to Buy Now In Meme Coin Sector
- Team Behind OpenSea NFT Collection – Wall St Bulls
- Tweets Replied to by Elon Musk