• Cardano price has been steadily increasing, up 1% in a week and 4% in the past month.
• ADA is currently trading within the $0.30-$0.33 range, and appears to be on the brink of a significant breakout.
• The cryptocurrency continues to enjoy gradual development, with its total value locked in increasing by 276% since the start of 2021 and successful deployment of the Mithril update on its mainnet recently.
Cardano Price on the Rise
The Cardano price has inched up by 0.5% today, reaching $0.306274 as the cryptocurrency market enjoys a similarly modest rise in the past 24 hours. ADA is now up by 1% in a week and by 4% in the past month, with the altcoin having risen by 24% since the start of 2023. Such gains are relatively modest compared to other major cryptocurrencies, suggesting that ADA has in fact been undervalued by the market in recent months, indicating that it could be close to witnessing a major breakout given its discounted valuation relative to its fair value.
ADA Trading Range
Cardano has been trading within the $0.30-$0.33 range for several weeks now, with resistance (red) and support (green) levels clearly visible on charts. Its inability to break through $0.33 is likely to be discouraging for many traders and holders; however there are signs that suggest ADA could soon experience an upward rally as indicated by its relative strength index (purple), which has climbed from 30 to 50 over recent days signaling an uptick in positive momentum which may help push prices higher. Additionally, Cardano’s 30-day moving average appears have flattened out after spending two weeks falling gradually suggesting further potential for growth ahead for this altcoin.
Although there isn’t any major event or update on Cardano’s horizon that would provide a strong fundamental catalyst for such a rally; Cardano continues to enjoy gradual development even if not spectacularly so – entering into top ten layer-one blockchains in terms of total value locked in with TVL increasing 276% since beginning of year outperforming gains made by ADA itself over same period of time indicating real growths usage of Cardano as platform overall . Moreover recently successful deployment of Mithril update on mainnet will make syncing nodes on network more efficient and secure adding further fuel potential upside movement coin going forward .
Given how undervalued ADA has been over past few months , rally certainly overdue however without clear fundamental catalyst yet remains see just how far can current bullish momentum take asset before next bout selling pressure resumes . That said all signs point possible imminent breakout , making ideal time investors consider taking positions before inevitable upwards surge takes place .
In conclusion , Cardano appears set experience significant upside near future given current technical indicators combined discounted valuation against fair values . With continued developments ongoing projects plus upcoming updates coming down pike , now good opportunity investors add current position crypto portfolios before next wave bullish activity begins .