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October 1, 2023
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Bullish Bets or Bearish Blues? Expert Analysis Reveals Cardano’s (ADA) Price Path

The post Bullish Bets or Bearish Blues? Expert Analysis Reveals Cardano’s (ADA) Price Path appeared first on Coinpedia Fintech News

The Cardano (ADA) ecosystem has made a remarkable recovery following recent regulatory scrutiny in the United States. Despite facing obstacles, Cardano’s decentralized finance (DeFi) sector has experienced a consistent rise in total value locked (TVL), highlighting the robustness of this prominent blockchain network.

Let’s explore the current state of the asset’s price movements and how you can capitalize on them.

Cardano Is Poised For Growth

Data from DefiLlama reveals that as of June 27, the Cardano network had approximately $151.91 million locked in its DeFi projects.

This substantial figure demonstrates the growing confidence and investment in Cardano’s DeFi ecosystem.

Cardano (ADA) Price Action Analysis

A recent analysis by a Cheeky Crypto YouTube channel analyst has shed light on the current state of Cardano’s (ADA) price movement. While the overall trend appears bearish, the analyst suggests that a potential retest towards 30 cents is highly plausible. It is noteworthy that the 1-hour 200 MA (moving average) has served as a support level, although the 50 MA indicates the possibility of further downside.

Also Read: Cardano to Find the Bottom of the Current Bear Cycle in November; Will The Crypto Space Also Remain Consolidated?

According to him, there are two potential trade opportunities related to Cardano (ADA). For a bullish outlook, the suggested strategy involves placing a stop loss at around 27 cents, with a target price of approximately 32 cents.

On the other hand, the analyst also outlines a scenario in which Cardano (ADA) could decline towards 18 cents. In this case, it is advised to set a stop loss around 30 cents. However, confirmation on lower time frames is necessary to pinpoint a more precise entry level.

Cardano (ADA)’s Growing Influence

Currently, Cardano holds a market capitalization of approximately $9.7 billion, positioning it as a medium-cap altcoin within the cryptocurrency market. Furthermore, the daily trading volume for Cardano stands at about $173 million.

Cardano continues to establish itself as the seventh-largest blockchain network in terms of market capitalization. The notable DeFi projects on Cardano, including MinSwap, Liqwid, Indigo, and VyFinance, have contributed to its success and expansion.

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