Will Cardano Price Knock Out Darvas Box & Reach $1?

Cardano is a blockchain platform that uses a special proof-of-stake consensus mechanism called Ouroboros. 

The PoS mechanism allows people who own ADA coins to help the network and receive rewards for doing so. Cardano is extremely flexible and resilient and can support many decentralized applications running on separate network layers, ensuring no slowdown in transactions. 

Charles Hoskinson and Jeremy Wood, Cardano’s co-founders, are committed to making Cardano as secure, scalable, and resilient as possible. Cardano is developed and maintained by three groups: Cardano Foundation, Input Output Global, and EMURGO. 

It improves and develops through various stages. The current stage is Basho, which makes network operations faster and more efficient. After the Basho phase, the next phase is Voltaire, where users can vote on ways to further improve Cardano. ADA is the coin that powers Cardano. 

It is used to pay fees using the network and dApps. It will also be used to give users input on the future of Cardano, as users will be able to vote on important decisions in the next phase of Voltaire. 

In the next phase, ADA holders will have greater control and influence over the direction of the project.

Cardano Price Movement Since Inception

The Cardano price has seen many changes over time depending on the market scenario and demand. 

From December 2020 to August 2021, the price of Cardano surged from $0.10 to $3.0. From September 2021 to January 2023, the price of ADA plummeted from $3.0 to $0.25. 

One possible reason for this decline could be that many investors decided to cash out their profits when selling their coins. 

Since January 2023, the price has been stable at around $0.25 without any significant changes. This showed that the market was balanced and calm with no clear direction.This tension persisted for a long time and became an integrated area of ​​the Darwas Rectangle. The current market still respects the darvas box and there is no escape from it. 

In this daily review, the ADA price indicates that the market is waiting for new reliable information on events that could serve as a catalyst to influence the price in the future.

The Cardano crypto’s (ADA) open interest is $200.95 Million, and it surge by 6.99% in the previous session.

The long versus short ratio for 24 hours is 0.9984. The short liquidation is $1.02 Million versus $155.77K for the long liquidation.

Cardano Price Analysis In 1-D Timeframe.

ADA showed an optimized performance in the last three months as well as in the six months by 61.20% and 16.99% respectively. 

The Cardano crypto is trading at $0.411570 with a 4.14% increase in the last 24 hours.  

It seems like the ADA crypto is geared for a splendid surge ahead, as it builds up strength to pierce through the hurdles and zoom to new altitudes from the current base zone.

If the buyers maintain the pressure, the ADA price could surge from the current level. The next target for the ADA price is $0.5000. 

However, if the Cardano crypto price fails to stay above the $0.3000 level, it could decline further.

The ADA price is higher than the 20-day and 50-day exponential moving averages (EMAs).

This indicates that the EMAs are providing a strong support for the ADA price, as they are following the price and stopping it from falling lower. Therefore, the ADA price trend is positive and rising.

Summary

The current market still respects the darvas box and there is no escape from it, until buyers cause the price to surge in the long term. However, in the short term it seems like the ADA crypto is geared for a splendid surge ahead, as it builds up strength to pierce through the hurdles and zoom to new altitudes from the current base zone.

Technical Levels

Support Levels: $0.3000

Resistance Levels: $0.5000

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.