Cardano price continued its bullish momentum on Friday as investors cheered the great crypto comeback. ADA price jumped to a high of $0.44, the highest point since September last year. The coin has jumped by more than 80% from the lowest level this year.
Cardano TVL climbs
Cardano has done well in the past few months. This recovery happened mostly because of the ongoing rally in the crypto industry. Bitcoin jumped to a high of $30,500 while Ethereum remained above the key resistance at $2,000.
Cryptocurrencies have done well because of the rising optimism that the Federal Reserve will start pivoting its interest rates. Inflation has moved from last year’s high of over 9% in June last year to 5%. Therefore, there is a likelihood that inflation will continue falling.
Minutes published by the Federal Reserve on Wednesday showed that some of the members wanted to pause interest rates. With inflation falling, there is a likelihood that the bank will hike rates by 0.25% in May and then take a strategic pause.
Cardano also jumped as activity in the Decentralized Finance (DeFi) industry jumped. The most recent Cardano news is that its total value locked (TVL) jumped to a high of A387 million, the highest level on record. It has risen from the year-to-date low A200 million. In dollar terms, Cardano’s TVL has jumped to a high of $165 million, the highest level since May 10.
The next key catalyst for ADA price will be the upcoming bank earnings. On Friday, the biggest banks like Citigroup, JP Morgan, and Wells Fargo. Other companies that will publish next week are Goldman Sachs, Morgan Stanley, and Bank of America.
Most regional banks like PNC Financial, M&T, and Citizens will publish next week. These results are important because they will show the financial health of these companies.
Cardano price prediction
ADA chart by TradingView
In January, I wrote that the risk/reward for investing in Cardano were positive for the coin. This view was accurate as the coin has jumped by over 84% from its lowest point in January. The coin has moved above the important resistance level at $0.42, the highest point in February.
Cardano has jumped above the 25-day moving average while oscillators are rising. Therefore, the coin will likely continue rising as buyers target the key resistance at $0.60, the highest level on August 15. This price is ~40% above the current level.
The post Cardano price analysis: here’s why ADA has a ~40% upside appeared first on Invezz.
Source: https://invezz.com/news/2023/04/14/cardano-price-analysis-heres-why-ada-has-a-40-upside/