Cardano (ADA) Price Is Breaking Above Key Levels, Will It Hit $1 In 2023?

15 Apr, 2023 Updated 15 Apr, 2023

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Cardano (ADA) price is making a significant upside move and breaking above key levels amid 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 the development of smart contracts on the Cardano blockchain, in the alpha phase.

Cardano Price Rapidly Moving Towards $1

Cardano (ADA) price hit a 24-hour high of $0.44 on Saturday, with the price currently trading up 2% at $0.448. While the daily chart action is showing a strong upside move with higher highs, RSI showing strength as it moves above 70, and the ADA price moving in ascending channel.

Cardano (ADA) Price in Daily Timeframe. Source: TradingView

Cardano influencer Dan Gambardello noted that ADA price has broken above the October level where the price started to fall below the $0.33 key support level.

CoinGape Media analysis predicted ADA price to see a bullish rally of 40% to $0.60 due to the breakout of the $0.428 resistance and inverted head and shoulder pattern. ADA will face resistance at $0.52 before moving toward $0.60.

In the weekly timeframe, ADA price is breaking above the 50-week moving average (MA). If the ADA price holds above the 50-WMA by the end of the week, a massive rally will start. ADA hasn’t closed above this level since November 2021.

Cardano (ADA) Price in Weekly Timeframe. Source: TradingView

ADA Price To $15

Cardano whales are purchasing ADA in huge quantities as it looks to breakout and is expected to make a massive rally to $1. A whale address added 560 million ADA tokens worth $218 million.

After Cardano breached the 4 million wallet milestone in March end, Dan Gambardello argued Cardano is better positioned than Ethereum. He compared Ethereum and Cardano timelines and predicted ADA price to hit a high of $15 in the next bull market, with the market cap reaching nearly $500 billion. He believes 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 Skyrocketing 20% Today

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.