The price of Cardano (ADA) is making a significant upward move, breaking key levels during several development activities on the Cardano network. ADA price jumped 6% in a day after Cardano launched Aiken, the programming language and toolkit for simplifying smart contract development on the Cardano blockchain, in its alpha stage.
Cardano price moving fast towards $1
The price of Cardano (ADA) hit a 24-hour high of $0.44 on Saturday, while the price is currently up 2% to $0.448. While daily chart action shows strong upward movement with higher highs, RSI shows strength as it crosses above 70, and ADA price moves in a rising channel.
Cardano (ADA) Price in daily time frame. Source: TradingView
Cardano influencer Dan Gambardello noted that ADA price has broken above the October level where the price started falling below the key $0.33 support level.
CoinGape Media analysis predicted that the ADA price would see a 40% bullish rally to $0.60 due to the breakout of the $0.428 resistance and the inverted head and shoulders pattern. ADA will meet resistance at $0.52 before heading to $0.60.
In the weekly time frame, the ADA price breaks above the 50-week moving average (MA). If the ADA price continues above the 50-WMA by the end of the week, a massive rally will begin. ADA has not closed above this level since November 2021.
Cardano (ADA) Price in Weekly Time Frame. Source: TradingView
ADA price up to $15
Cardano whales are buying ADA in huge amounts as it appears to be breaking out and is expected to make a massive rally to $1. A whale address added 560 million ADA tokens worth $218 million.
After Cardano broke the 4 mbillion wallet milestone at the end of March, Dan Gambardello argued that Cardano is better positioned than Ethereum. Comparing the timelines of Ethereum and Cardano, he predicted that the ADA price would reach a high of $15 in the next bull market, with a market cap approaching $500 billion. He believes that developments related to Cardano are in line with Ethereum and considers Cardano a better blockchain.
Also Read: Here’s Why Crypto Exchange OKX’s OKB Token Is Soaring 20% Today
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Cardano (ADA) price breaks above key levels, will it reach $1 in 2023?
was published first on https://coingape.com/cardano-ada-price-is-breaking-above-key-levels-will-it-hit-1-in-2023/