Crypto

Cardano up 10% as the crypto market retraces: Potential to Buy ADA?

02/15/2023
Bitcoin Ethereum News

After the slight crypto market adjustment, Cardano managed to increase by more than 10%. ADA prices are eyeing the psychological price of $0.40. Is it a good time to Buy Cardano today? Is Cardano a good buy out of the top 10 cryptos by market cap? Let’s analyze in this Cardano price prediction.

What is Cardano Crypto?

Cardano is an open-source, decentralized blockchain platform that was launched in 2015. It is designed to provide a more secure and scalable platform for developing decentralized applications and smart contracts. Cardano uses a proof-of-stake consensus algorithm, which is more energy-efficient than proof-of-work algorithms used by other blockchains.

Cardano aims to provide a platform for the creation and execution of complex smart contracts and decentralized applications. It also aims to address some of the challenges faced by other blockchains, such as scalability, security, and governance.

Why is Cardano UP?

After retracing from the high of $0.405, Cardano’s price retraced lower and reached the previous support of $0.35. Since the latter is a support area, prices should rebound higher. Coupled with positive crypto market returns, Cardano prices managed to increase heavily, making more than 10% in the past 24 hours.

Fig.1 ADA/USD 4-hours chart – GoCharting
exchange comparison

Cardano Price Prediction: Will Cardano price continue higher?

Cardano increased a lot in the past 24 hours, and it is normal to expect a small retracement. If we plot the Fibonacci retracement as in figure 2, we should expect that ADA retraces lower towards $0.375. However, this might be a good time to buy Cardano before it continues higher to reach $0.40.

Of course, this depends on the general trend of the crypto market as a whole. If the market continues higher, Cardano should break the $0.40 price mark higher.

Fig.2 ADA/USD 4-hours chart – GoCharting

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Source: https://cryptoticker.io/en/cardano-up-10-as-the-crypto-market-retraces-potential-to-buy-ada/