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February 26, 2024
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Cardano Price Analysis: Analyst Maps Bullish and Bearish Levels For ADA Price

The post Cardano Price Analysis: Analyst Maps Bullish and Bearish Levels For ADA Price appeared first on Coinpedia Fintech News

Last week, Cardano (ADA) experienced a notable recovery as bulls successfully propelled the price above key resistance levels at $0.28 and $0.29. Temporarily surpassing the $0.30 resistance, ADA reached a high of approximately $0.3013. However, in line with the corrective movements of Bitcoin and Ethereum, the price is now retracing lower.

ADA Price Analysis

In a recent video by Crypto Capital Venture, an analyst introduced the concept of “bull market doors” as an indicator to identify potential bullish trends. Surprisingly, the ADA chart did not exhibit the presence of these doors, suggesting that the market might still be in a bottoming phase or experiencing a bearish trend.

Analyzing shorter time frames such as the six-hour and daily charts, the analyst observed a symmetrical triangle pattern forming in the ADA chart. This pattern typically indicates a period of consolidation before a potential breakout. The analyst mentioned two possible price targets: approximately $0.34 for an upward move and around $0.25 for a downward move.

Cardano’s Total Value Locked (TVL) Expected to Grow Exponentially

Despite the price correction, Cardano’s ecosystem continues to experience steady growth in terms of total value locked (TVL). The analyst believes that Cardano’s TVL will continue to increase exponentially, driven by the expansion of the ecosystem and the adoption of Cardano-based decentralized finance (DeFi) protocols. As more projects utilize Cardano’s infrastructure, the TVL is expected to soar.

Regulatory Uncertainty and Market Impact

The recent decline in ADA’s price indicates that bullish investors are opting to secure their profits rather than waiting for an immediate upward trend. Regulatory developments in the United States have introduced additional uncertainty for Cardano.

Last month, the Securities and Exchange Commission (SEC) classified ADA and several other cryptocurrencies as securities. Consequently, major platforms including Revolut, Robinhood, and eToro have announced their intentions to remove ADA from their offerings. These actions exert additional pressure on ADA’s position in the market.

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