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Cardano is a blockchain platform for developing decentralized applications and smart contracts. It is based on a proof-of-stake consensus mechanism called Ouroboros, which aims to be more energy efficient than traditional Proof-of-Work mechanisms. Cardano also employs a unique multi-layered architecture, with separate layers for transaction processing and another for contract execution, allowing for more flexibility and scalability.
ADA’s price action has reached a new peak valuation of $0.38, which brings the token close to its previous strong resistance in November 2022 at $0.44. The ADA technical outlook has turned positive since 2023 started a positive move for the cryptocurrency. Thus ADA has reclaimed its $13 billion market cap.
Can Cardano reach $1 in 2023?
ADA prices the action took a bullish uptrend after the break of the 100 EMA curve at $0.341. Strong resistance for this token trading near the 200 EMA or $0.44 curve.
Renew : @Cardano breaks the 100 day moving average, signaling bullish momentum for ADA!#Cardano #THERE IS #decentralized #Crypto #cryptocurrency https://t.co/OA9Wpc7Uql
— CryptoNewsZ (@cryptonewsz_) January 9, 2023
Based on Cardano ADA price prediction, exiting this price action would take Cardano to a high of $1 with a strong buy. The one-day candlestick pattern shows ADA at a strong pivot point to jump towards the 200 EMA curve.
Alongside the technical indicators, buyers also participated strongly in the rally, while the 100 EMA acted as a support level to encourage more buying volume. The 200 EMA curve remains only 13% of the most recent trade value, which a breach can bring a strong uptrend of at least $0.60 upwards.
MACD has been moving strongly and positively over the past month, but could lose some sentiment with volatile upside. Moreover, from the perspective of the RSI, the token is gradually moving towards the top. At the same time, the token maintains strong buying intensity as the RSI has moved above and beyond the overbought zone of 75.
On the weekly chart, Cardano gradually moved into positive territory with the fourth consecutive bullish candle for the weekly chart. While the intensive moves have dried up, price action will soon witness a clash at the top. Resistance for ADA that persists from the previous downtrend will create new problems, especially at $0.44 and $0.66.
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