One of the popular names of blockchain technology cardano, it has been watching for a while. However, the positive development in the network is followed with interest by the community. Therefore, ADA investors are also expecting a rise depending on similar trends.
dApp or decentralized application, its transactions on Cardano network are also rising. The latest meme coin trend, which includes SNEK and PEPE, has increased the number of transactions from 160,000 in the previous period to 250,000 per period. In addition, Total Locked Value (TVL) on the chain increased by 300%.
Despite this, price movements remained stagnant and stuck at critical levels. ADA price Will it reach beyond $0.4? Here’s what’s known so far.
After breaking the downtrend, Cardano price started to rise along the ascending trendline. The price rallied every time it tested the lower support and thus a similar trend is expected as it is currently about to test these levels. However, if the price fails to trigger a recovery, it could drop hard to test the lower support below $0.3.
Since the RSI and ADX are both bullish, ADA price may not be following a steep downtrend for sure. Therefore, a rebound at the lower trend level looks imminent as the sellers lose their strength. With the uptrend, Cardano price is believed to rise and reach the key resistance at $0.406. Also, if the price stays above these levels, the bearish effect may diminish and pave the way for a strong uptrend in the future.
You can follow the current price action here.