The price of the altcoin ADA could exceed unity by 2023 if Bitcoin's bullish trend remains intact.
MARKET ANALYSIS
https://es.cointelegraph.com/news/bulls-have-control-in-the-price-of-cardanos-native-currency-ada
The Cardano blockchain network has been very active in recent months in terms of development .
Its native coin ADA -number seven in the general ranking of cryptocurrencies according to Coinmarketcap- , has witnessed variations in its price motivated by recent development news on its network such as the launch of the algorithmic stablecoin 'Djed' at the end of January and Vasil Upgrade a couple of months back.
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Motivated by this constant barrage of positive news happening about Cardano, we consulted Lisa N Edwards, a top professional trader and screenwriter of the NFT- funded movie Coinrunners , for a brief analysis of what ADA holders can expect for Cardano. next months.
ADA/USDT
According to Lisa, ADA shows immediate resistance from a downtrend channel formed in May 2022, with an internal uptrend channel topping out .
ADA/USDT Daily Chart
As can be seen in the following daily chart, the support for the uptrend channel is at $0.37, and the 100 and 200 MAs are likely to cross to the upside in the coming weeks. If this zone holds, a breakout is possible and the wave reaches $0.52.
If this zone of the channel is broken, the price of ADA could drop as low as $0.30.
ADA/USDT Daily Chart
On the other hand, the bullish moving averages and the RSI in positive territory indicate that the bulls are in control. A close above $0.42 completes a reverse H&S pattern, which could take ADA to $0.50, with a potential target of $0.60.
ADA/USDT Daily Chart
In closing, Lisa points out that 2023 is dependent on Bitcoin for many coins and tokens, and ADA is not alone here. If the BTC price holds key supports, we could see another altcoin rally taking ADA to the $1.02-$1.32 range.
see link for charts and detailed information
https://es.cointelegraph.com/news/bulls-have-control-in-the-price-of-cardanos-native-currency-ada
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