Cardano Price Prediction As $100 Million Trading Volume Drives ADA 3% Rise – Has The Bull Market Just Begun?
Price Prediction – Where Is Cardano (ADA) Going Next?
A fork above the $0.27 level could open the door to a more sustained upward move towards the downtrend from the yearly high and its 200DMA.
This resistance level will likely come into play at around $0.30, and a move above here would open the door to a quick surge back to the July high of $0.38.
Is the Bull Market Just Beginning?
With Bitcoin poised to see a rise to new yearly highs, traders may be wondering if now is also the time for Cardano (ADA) to shine.
While ADA's short-term uptrend could continue along with the broader market rally on optimism regarding spot Bitcoin ETFs, it is important to note some key headwinds faced by Cardano that could prevent a move above the downtrend from the aforementioned yearly high.
First is the continued uncertainty regarding the regulatory status of the ADA in the US.
The US Securities and Exchange Commission (SEC) has declared that ADA is a security in various lawsuits against crypto companies operating in the US such as Coinbase and Binance.
US-based crypto exchanges have largely delisted ADA as a result of fears of the body taking regulatory action against them, which would hamper demand for ADA as the broader crypto exchange market moves forward.
In the long term, legal uncertainty in the US will dampen the development of the country's Cardano ecosystem, which is an important leader in the global crypto industry.
Second, the Cardano ecosystem continues to struggle to gain significant traction and adoption.
This is emphasized by its poor total value locked (TVL), which was last around $200 million, making it the 15th largest chain by TVL.
