coinedition.com
Founder of Crypto Venture Capital Dan Gambardella tweeted that Cardano (ADA) will be the top altcoin to hold in 2023. While supplementing his claims, Gambardella stated that before anyone could notice ADA would increase by 1000+%.
Cardano opened the market for the past week, trading at $0.260, as shown in the chart below. It traded above the opening market price for just one day and recorded the highest price of $0.265 last Tuesday. However, ADA came tumbling shortly after registering its highest price.
On its way down from $0.260, ADA reached its lowest of $0.2407 within two days. Currently, ADA is trading in the red zone fluctuating between the $0.240-$0.250 range. As of press time, ADA is up 2.13% in the last 24 hours and is trading at $0.2505. Interestingly, Cardano ranks twenty-second in the list of top gainers.
ADA was fluctuating quite close to the 200-day MA (yellow line) since September. At times it was able to break the 200-day MA and rebound on it while at other times it strayed well below the 200-day MA. ADA made its first break for the last quarter of 2022 on October 25 (red elliptical).
Since then ADA has been able to make a breakout. However, on December 13, ADA tested the 200-day MA, but the bulls were unable to push ADA past the 200-day MA line. ADA has been registering lower lows (triangles) while trading in a regression trend channel. However, ADA has currently stopped registering lower lows and has gained some momentum.
If the bulls push harder, ADA will be able to hit the upper limit of the regression trend channel. With more support from the bulls, ADA could break the 200-day MA and reach resistance 1( $0.2972). Further perseverance from the bulls and ADA could even reach resistance 2 ($0.4321).
Contrastingly, if the bears take over, ADA will tank to support 1 ( $0.0905). The RSI (Relative Strength Index) is at 63.68 and it is tilting upwards into the overbought region. Hence, the prices could tank further if the bulls don’t come to the rescue.