- Cardano Summit 2022 ended with some exciting partnerships and plans.
- It has surpassed 7,000,000 native tokens.
- AdaSwap, Cardano based DEX backed by Gal Gadot launched.
The rate at which new ADA tokens are being issued on the Cardano blockchain is awe-inspiring. It recently crossed the 7 million milestone, which is expected to reach 10 million by mid-2023, if the same pace is sustained. Also, the just-concluded Cardano Summit 2022 revealed that upcoming events include a Cardano partnership with the United Nations High Commissioner for Refugees (UNHCR) in Switzerland and the launch of the stablecoin USDA from EMURGO.
All the positive news is supported by the current launch of AdaSwap which is a Cardano-based DEX, backed by the “Wonder Women” Gal Gadot. The team behind this project has described it as an ecosystem builder with 4 main use cases. These disclosures are prepared to lift the prices of ADA, after the long-faced downtrend.
The char-t-ale
The ADA price has been consolidating for a long time, now it’s time to rise, and it aims to rise to the level of $0.45 very soon. The volume also compresses with the price consistently taking support and forming a downtrend. The token price also forms higher EMAs, among which the 20-EMA is reclaimed, and others are aimed to be captured. The RSI forms a horizontal movement, functioning below 50 and laying low to spring in the future.
The recent trends show the price being suppressed, and very soon we may witness a breakout. To make this possible ADA would require newer investors, which may enter soon respecting the recent talks. The price plans to escalate and forms a strong support near the $0.30 and targeting the price level $0.45.
Conclusion
Looks like the market for ADA token is set to start afresh after the FTX crash, and reach higher highs. The bigger picture analysis suggests that price may undergo a breakthrough, breaching the long formed down trail.
Technical levels
Support levels: $0.2820 and $0.2200
Resistance levels: $0.4424 and $0.5177
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Source: https://www.thecoinrepublic.com/2022/12/01/theres-more-to-ada-than-meets-the-eye-cardanos-multiway-reach-supports-price-rally/