• Cardano (ADA) is trading near its 21-Day Moving Average after a 7% retracement.
• Technical patterns suggest that ADA may be forming a bullish ascending triangle structure, which could lead to a breakout.
• US regulatory uncertainty still hangs over the blockchain, but with DeFi activity continuing to hit new highs and now potentially being a good time to buy the dip, bull are optimistic about ADA’s short-term price predictions.
Cardano Price Prediction
Cardano (ADA) is currently trading near its 21-Day Moving Average at $0.28 after experiencing a 7% retracement as crypto markets take a breather following not-as-hot-as-feared US jobs numbers. Technical analysts are optimistic that ADA has formed a bullish ascending triangle structure ahead of an expected price breakout.
Buy The Dip?
Despite the current market retrace, bull are hopeful that ADA will soon recover back to its 200DMA resistance in the $0.35 area and practically regain all ground lost in wake of last month’s SEC labeling of it as security . With Decentralized Finance (DeFi) activity continuing to hit all-time highs, now might be a good time for investors to consider buying the dip in ADA/USD pairings.
Alternative: DeeLance (DLANCE)
An interesting alternative cryptocurrency project worth considering is DeeLance, which is building an innovative metaverse powered by both crypto and NFTs in order to revolutionize remote working and the $761 billion recruitment sector by removing middlemen from the equation with decentralization and transparency on the blockchain.
US Regulatory Uncertainty Hanging Over Cardano
Regulatory uncertainty still hangs over Cardano due to last month’s SEC ruling that labeled it as security . This could lead to some unsteadiness in terms of price performance in the short term if no further clarification is provided from US authorities on future regulation of cryptocurrencies like Cardano.
Final Thoughts
With technical patterns pointing towards potential upside momentum and DeFi activity remaining strong despite lingering regulatory fears, now might be an opportune time for investors looking for exposure into Cardano while prices remain relatively low before any possible upside breakout occurs. Another interesting alternative project worth considering is DeeLance which seeks to revolutionize remote working with blockchain technology while also offering potential gains for early investors looking for exposure into this space too.